The Olympian Logo

Company sells Wild Waves in 7-park deal | The Olympian

×
  • E-edition
  • Home
    • Customer Service
    • About Us
    • Buy Photos and Pages
    • Contact Us
    • Plus
    • Mobile & Apps
    • Newsletters
    • Newspaper in Education
    • Subscribe
    • Subscriber Services
    • Archives

    • News
    • Business
    • Crime
    • Databases
    • Death Notices
    • Education
    • Local News
    • Military News
    • Obituaries
    • Politics & Government
    • State
    • Traffic
    • Watchdog
    • Weather
    • Opinion
    • Cartoons
    • Editorials
    • Letters to the Editor
    • Opinion Columns
    • Submit a Letter
    • Sports
    • College
    • High School
    • Mariners
    • Preps Stats
    • Seahawks
    • Sounders
    • UW Huskies
    • Politics
    • Living
    • Announcements
    • Food
    • Health & Fitness
    • Home & Garden
    • Travel
    • Entertainment
    • Arts & Culture
    • Comics
    • Puzzles & Games
    • Events Calendar
    • Horoscopes
    • Movies
    • Restaurants
    • Outdoors
    • Fishing

  • Classifieds
  • Jobs
  • Moonlighting
  • Cars
  • Homes
  • Place An Ad
  • Mobile & Apps

Business

Company sells Wild Waves in 7-park deal

By MICHELLE CHAPMAN - The Associated Press

    ORDER REPRINT →

January 12, 2007 12:00 AM

NEW YORK - Theme-park operator Six Flags Inc., which has been struggling with falling attendance and a large debt load, said Thursday it will sell seven of its 30 North American parks, including one in Western Washington, for $312 million.

Shares of Six Flags gained 47 cents, or 8.66 percent, to close at $5.90 on the New York Stock Exchange.

The sale comes after a management shakeup at Six Flags in recent years. Mark Shapiro, a former executive at ESPN, became chief executive of the company in December 2005 following a proxy fight led by investor and Washington Redskins owner Daniel Snyder that resulted in the ouster of former CEO Keirian Burke and other executives.

Debt reduction plan

SIGN UP

Sign Up and Save

Get six months of free digital access to The Olympian

SUBSCRIBE WITH GOOGLE

#ReadLocal

The company said the sale is part of its strategy to reduce debt and enhance its operational and financial flexibility. Six Flags had total long-term debt of $2.1 billion as of Sept. 3, 2006, when it filed its most recent quarterly report

The sale should allow Six Flags to pay down some of its high-

interest debt and possibly refinance all of its debt at more favorable terms, according to Friedman Billings Ramsey analyst David Marsh.

Six Flags spokeswoman Wendy Goldberg said the company is not actively looking to sell any more parks.

Combined with the June 2006 sale of land underlying its Houston AstroWorld theme park for $77 million, the sale will result in proceeds of $352 million to be used for debt reduction, according to the company.

New owners

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.

Parks involved

Wild Waves and Enchanted Village in Federal Way

Six Flags Darien Lake in Buffalo, N.Y.

Six Flags Elitch Gardens in Denver

Frontier City and the White Water Bay water park in Oklahoma City

SplashTown in Houston

Waterworld USA in Concord, Calif.

  Comments  

Videos

Downed trees, busted limbs keeps service company busy in wake of snowstorm

No bull. Snow needed to be cleared to load cows at Port of Olympia

View More Video

Trending Stories

Weather-related school information for Friday

February 14, 2019 04:07 PM

Despite resident pleas, Lacey policy is to clear only main roads during snowstorms

February 15, 2019 07:00 AM

Bill would prohibit authorities from ticketing homeless people for sleeping on sidewalks

February 14, 2019 10:33 AM

Thurston Co. students are finally heading back to school. What took so long?

February 15, 2019 08:11 AM

The new year is off to a good start for prospective Thurston County home buyers

February 14, 2019 07:00 AM
Local display advertising by PaperG

Read Next

Gunman kills 5 people, wounds 5 police at Illinois business
Video media Created with Sketch.

Business

Gunman kills 5 people, wounds 5 police at Illinois business

By CARRIE ANTLFINGER and AMANDA SEITZ Associated Press

    ORDER REPRINT →

February 15, 2019 04:16 PM

Officials say one person was killed and four police officers wounded after a gunman opened fire in an industrial park in Aurora, Illinois.

KEEP READING

Sign Up and Save

#ReadLocal

Get six months of free digital access to The Olympian

SUBSCRIBE WITH GOOGLE

MORE BUSINESS

Business

Golden Knights, 5 others to be inducted to Vegas sports hall

February 15, 2019 04:12 PM
Gucci to step up diversity hiring after ‘blackface’ uproar

Celebrities

Gucci to step up diversity hiring after ‘blackface’ uproar

February 15, 2019 04:03 PM
Fashion world descends on London for fashion week shows

Celebrities

Fashion world descends on London for fashion week shows

February 15, 2019 03:58 PM
Kaepernick, Eric Reid settle collusion grievances with NFL

Business

Kaepernick, Eric Reid settle collusion grievances with NFL

February 15, 2019 03:58 PM
Islanders set to play 1st-round playoff games at Coliseum

Business

Islanders set to play 1st-round playoff games at Coliseum

February 15, 2019 03:56 PM

Business

California teachers say announcement on strike coming

February 15, 2019 03:56 PM
Take Us With You

Real-time updates and all local stories you want right in the palm of your hand.

Icon for mobile apps

The Olympian App

View Newsletters

Subscriptions
  • Start a Subscription
  • Customer Service
  • eEdition
  • Contests-Promotions
  • Vacation Hold
  • Rewards
  • Pay Your Bill
Learn More
  • About Us
  • Contact Us
  • Newsletters
  • News in Education
  • Photo Store
  • Archives
Advertising
  • Information
  • Place a Classified
  • Local Deals
  • Place an Obituary
  • Today's Circulars
  • Special Sections
Copyright
Privacy Policy
Terms of Service


Back to Story