Six Flags to Sell Seven Parks

Six Flags(SIX Quote) agreed to sell seven of its amusement parks for $312 million as part of an ongoing effort to reduce debt and increase financial flexibility.

The three water parks and four theme parks will be sold to PARC 7F-Operations of Jacksonville, Fla. The parks are 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.; and Wild Waves and Enchanted Village in Seattle.

Six Flags will receive $275 million in cash and a note receivable for $37 million. The sale, along with last year's sale of Houston AstroWorld, will result in gross cash proceeds of $352 million toward the park operator's plan to reduce debt by several hundred million dollars in coming years. ...