Six Flags reports $206 million operating loss in '09

Theme-park operator Six Flags Inc. issued financial statements for 2009 showing revenue of $913 million for the year, a decline of 11 percent from 2008. The loss from continuing operations was $206 million, including $139 million in reorganization items.

Six Flags owns Great America in Gurnee.

In the fourth quarter of 2009, revenue was down 14 percent from the year before, to $102 million. Attendance in the quarter was off 16 percent. The loss from continuing operations in the last quarter was $126 million, an improvement on the $204 million operating loss in the last quarter of 2008.

Although Six Flags hasn't needed financing for the reorganization, the company said it may require financing if it doesn't emerge from bankruptcy by mid-April. Increased cash needs arise from so-called put obligations to redeem limited partnership interests in connection with parks in Texas and Georgia. The company ended the year with $165 million cash.

The contested confirmation hearing for approval of Six Flags' reorganization plan is scheduled to begin March 8. For a comparison of the company's plan and the alternative proposed by holding company noteholders, click here to see the Bloomberg daily bankruptcy report from Dec. 1.

The Six Flags Chapter 11 petition in June listed assets of $2.9 billion against debt totaling $3.4 billion, including a $850 million secured term loan and a $243 million revolving credit.

New York-based Six Flags filed under Chapter 11 with 20 theme parks, including 18 in the U.S. The parks have 800 rides, including 120 roller coasters.

The case is Premier International Holdings Inc., 09-12019, U.S. Bankruptcy Court, District of Delaware (Wilmington).