Six Flags Inc.’s common stock and Preferred Income Equity Redeemable Shares (PIERS) are being suspended from trading on the New York Stock Exchange, the company said April 9.
The New York-based theme park operator said trading of its shares will be suspended before the market opens April 20. The company, whose shares have been trading at less than $1 since September, said it does not plan to appeal the decision.
Six Flags President/CEO Mark Shapiro said in a statement the stock delisiting “is a byproduct of the inherited debt load on our balance sheet and the overall financial markets” and “in no way does it reflect the operational strength or turnaround of this company.” He said it will have “zero impact on our park operations, the guest experience this summer or our vendor relationships.”
Six Flags, which operates 20 theme parks in North America, expects its common stock and PIERS to be traded on the over-the-counter market and quoted on the OTC Bulletin Board upon its NYSE delisting.
The company last month said it might be forced to file for Chapter 11 bankruptcy protection if it could not complete an out-of-court restructuring of its debt and PIERS. The company has said it does not expect to have the cash – $300 million-plus – to redeem the PIERS by its Aug. 15 deadline.
Six Flags reps expect the company to quality for listing on a national securities exchange if the restructuring is completed.