No Expected Cut Backs for Gurnee Six Flags

By Kalyn Belsha in News on Mar 14, 2009 11:00PM

It might be filing for Chapter 11 bankruptcy soon, but Six Flags says the company doesn't plan to lay off any of the more than 1,600 employees recently hired to work at its park in northern suburb Gurnee during the upcoming park season.

The Illinois theme park has been holding job fairs since early this year, trying to fill the 3,200 available seasonal positions. But some are worried if the company files for bankruptcy protection there will be cut backs. A Six Flags spokesperson said if the company does file it will not affect day-to-day operations and all hired Gurnee employees should report to work when the park opens April 3.

On its Web site, the Gurnee Six Flags is still accepting applications for 12 positions, including paramedics, lifeguards, food service workers, maintenance workers and security officers.

The New York-based Six Flags announced in its annual report Wednesday that there was a possibility it would file for bankruptcy protection if it could not accommodate upcoming financial obligations. Some of the company's redeemable shares will mature in August and Six Flags expects it will not be able to pay these debts owed to investors.

It is expected the payment in August could total $31.3 million. The company will owe another $131 million next February when more notes mature.

Six Flags stock fell Friday to 16 cents. Shares traded at a maximum of $2.50 within the last year. Stock-rater Moody's downgraded the Six Flags corporate family to a junk grade last September. [WBBM, AP]