Six Flags May File Chapter 11

The theme park giant says it has a deadline on August 15th

First Sesame Street was hit, now the recession may be about to claim another victim that provides fun and laughter to children.

Magic Mountain may be about to go under.

The famous Valencia, Calif. theme park's parent company, Six Flags Inc., said it might need to file for Chapter 11 protection if its financial situatoin doesn't improve.

The New York based company has until August 15th to pay off nearly three hundred million dollars to preferred stockholders. If the theme park owners are unable to meet that deadline, filing for Chapter 11 would allow it to operate while paying off creditors.

Six Flags owns 19 other theme parks including Great Adventure in New Jersey and Great America in Illinois.

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