Wow. It's beginning to be said in plain English, in widely circulated publications meant for general interest:
....New York-based Six Flags, which owns Six Flags Great Adventure in Jackson, fell on concern the company may not be able to refinance $287.5 million in debt next year, an analyst said.
David Miller, an analyst at Caris & Co., said banks, cautious in their lending, don't have much tolerance for companies operating with a high amount of debt....
http://www.app.com/article/20081116/BUSINESS/811160333/1003It should be noted that Great Wolf Lodges is currently having great difficulty re-negotiating the mortgage, which is maturing the end of this month, on the Mason lodge adjacent to Kings Island.
Refinancing debt in this market is nearly impossible for many of the most creditworthy of companies, not to mention amusement companies with high levels of debt, greatly exceeding the break-up value of the company...what with low real estate values and a limited market of buyers.
And before someone asks, SIX owes far more than $287.5 million....that's just what is due next year...and they don't have the cash to pay even that.
Topic: Can SIX Get Off The Debt Roller Coaster? (Read 751 times)