Six Flags stays safe
Bankruptcy in US does not affect Dubailand project says Tatweer
23 Jun 2009
Dubailand developer Tatweer has confirmed that the filing for bankruptcy by Six Flags in the US will not affect the proposed Six Flags Dubailand theme park.
A statement issued by Tatweer said that all projects were proceeding as planned and that the bankruptcy would not affect plans for any of the theme parks or their opening dates at the major Dubai tourism project.
“The Chapter 11 announcement from Six Flags has no impact on our theme park plans or their openings. We have nothing to add and will not make any announcement regarding our development plans in the context of Six Flag’s financial restructuring. We can however confirm that we remain committed to creating a world-class leisure and entertainment destination in Dubailand with the brands associated with Tatweer,” said the statement.
In an open letter issued to Six Flags employees, Six Flags CEO and president Mark Shapiro emphasised that the filing of its plan for reorganisation under Chapter 11 of the US Bankruptcy Code was restructuring of debt obligations.
“Our brand and our operations are on solid ground. This process is strictly a financial restructuring of our debt and that’s how you should view it and speak about it,” he said to employees. He also reiterated that employees and suppliers would continue to be paid in full and that the filing would not result in redundancies.
The firm refused to be drawn into speculation over the future of the Six Flags project beyond confirming its continuation. “The Six Flags Dubai project is proceeding as planned,” said Six Flags vice president of communications Sandra Daniels.
Six Flags is currently trying to recover from a debt of US$2.4 billion with a further $400 million predicted in the next 12 months.