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Six Flags selling 7 parks for $312M |
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Written by asap
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Thursday, 11 January 2007 |
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 Six Flags is selling seven of its 30 North American theme parks for $312 million.
The company has been struggling with falling attendance and a large debt load.
Six Flags said the sale is part of its strategy to reduce debt and enhance its operational and financial flexibility. The company had total long-term debt of $2.1 billion as of Sept. 3, 2006, when it filed its most recent quarterly report.
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THE PURCHASER
The parks are being bought by Jacksonville, Fla.-based park operator PARC 7F-Operations Corp., but PARC will simultaneously sell them to Orlando-based real-estate investment trust CNL Income Properties Inc. CNL will then lease the parks back to PARC.
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WHICH PARKS?
The seven parks include Six Flags Darien Lake near Buffalo, N.Y.; Six Flags Elitch Gardens in Denver; both Frontier City and the White Water Bay water park in Oklahoma City; SplashTown in Houston; Waterworld USA in Concord, Calif.; and Wild Waves and Enchanted Village in Seattle.
Those parks drew a collective attendance of 3.6 million in 2006 and generated about $30 million in earnings before interest, taxes, depreciation and amortization.
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HOW BAD WAS IT?
Six Flags reported last month that 2006 attendance slipped 14 percent from the previous year. In November, the company said third-quarter earnings fell 16 percent to $159.3 million, or $1.08 per share, below Wall Street's expectations.
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