New York-based Six Flags said this week that it may need to file for Chapter 11 bankruptcy if it can't reach a deal to restructure almost $300 million in preferred stock, which is due in August.What happened to escapism?
A bankruptcy filing would allow the company to continue to operate while it works to improve its financial footing. But the discussion of bankruptcy, laid out this week in a filing with the U.S. Securities and Exchange Commission, shows the company is feeling the stress of the declining economy and the slow credit markets.
"The options are not particularly pretty," said Andy Liu, an analyst with Standard & Poor's in Chicago.
Oh yes...we can't afford that any longer. However public libraries are still a great resource and they're a hell of a lot cheaper.
That is as long as counties still have the tax money to operate them. You'd better hurry on that. If it comes down to libraries versus, say, fire stations, police coverage, trash pickup and county emergency operations, the library is going to lose that battle. Remember folks, property taxes are based on how much your property is worth. Plummeting home prices means lower tax revenues across the board. Add to that plummeting commercial real estate values, and that means your county is facing budget cuts no matter where you are. It's all interconnected, folks.
Enjoy the library while you can.