Six Flags files for bankruptcy

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Six Flags, the US theme park giant that planned to develop one of Dubailand’s largest attractions, is seeking bankruptcy protection after its shares slumped 86 per cent in a year. The fate of the multibillion-dollar Six Flags project in Dubai was unclear yesterday, after the theme park operator filed a petition in a Delaware bankruptcy court that listed assets of US$3 billion (Dh11.01bn) and debts of $2.4bn.

Six Flags and Tatweer, the owner of Dubailand and part of Dubai Holding, signed an agreement in March last year to develop “thrill-driven” parks across the Gulf region.

“Six Flags are a strong consumer brand with world–class attractions that Tatweer remains committed to bringing to Dubai. While we are aware of the restructuring, we do not comment on the financial details of any of our partners,” Tatweer said.