KLUP Post 1/29/2008 Six Flags Budget Cuts

Six Flags Incorporated considers selling more parks and they are eying big budget cuts. John Thurman of Heart of Texas Realty here with Today’s San Antonio Business Journal News Feature. Business Journal Writer Scott Bailey reported that the financial rollercoaster of Six Flag Inc. the parent company of Six Flags Fiesta Texas, has taken another dramatic turn. Amid speculatoin from some industry observes that the deeply indebted company could be headed for bankruptcy. The company filed a notice with the Secutities and Exchange Commission that the company is planning huge spending cuts and the possible sale of more parks. Six Flags CEO is Mark Shapiro, a former Disney and ESPN executive notes the problem they are facing is a huge debt load. The company plans to slash between $25 to $30 million out of this year's operating budget and that will invlove paring their employment and cutting ineffecient rides and attractions. Six Flags Fiesta is an important asset to San Antonio though but the company did not report how this facility will be affected. For San Antonio area homes and real estate, call John Thurman of Heart of Texas Realty. www.HeartofTexasRealty.com