Theme-park operator Six Flags Incorporated, which has been struggling with falling attendance and a large debt load, says it will sell seven of its parks, including Six Flags Elitch Gardens in Denver, for $312 million.
Shares of Six Flags gained 51 cents, or nine percent, to five dollars and 94 cents this morning in morning trading on the New York Stock Exchange after the news.
The sale comes after Six Flags underwent a series of changes in recent years, with Mark Shapiro becoming chief executive of the company in December 2005. His appointment followed 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.
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