Bonds News

UPDATE 1-Six Flags delisted from New York Stock Exchange

NEW YORK, April 9 (Reuters) - Six Flags Inc SIX.N said on Thursday that its common stock and preferred income equity redeemable shares were suspended from trading on the New York Stock Exchange for failing to meet listing criteria.

The New York-based company’s shares have been suspended from trading on the exchange effective at the market opening on April 20.

The company, which recently warned it could buckle under its $2.4 billion debt load, said the development would have no impact on its park operations or vendor relationships. [ID:nN08469338]

In a recent securities filing, Six Flags said it may have to resort to Chapter 11 bankruptcy protection if talks with creditors stall. Six Flags said it hired financial and legal advisors to assist with its restructuring.

Concerns over the company’s debt load, accrued during its efforts to expand globally and build new rides, have pummeled Six Flags shares in recent years. In 1999, the shares traded as high as $41.62, but the stock has been in a freefall since.

Since September the company’s shares have not been able to crack through the $1.00 level. (Reporting by Deepa Seetharaman; Editing Bernard Orr)