Media & Entertainment - Operations and Strategy
Cedar Fair to suspend 2010 distributions
November 03, 2009 2:40 PM ET
By Taigh Khan
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Cedar Fair LP d/b/a Cedar Fair Entertainment Co. said Nov. 3 that it will likely suspend distributions beginning in 2010 and the cash flow will be redirected to retire term debt. Over the past 12 months, Cedar Fair reduced debt by approximately $110 million. "This has been done through the reduction of our annual distribution rate, the sale of 87 acres of surplus land in Toronto, regular amortization payments and an extension of $900 million of our term debt," Chairman and CEO Dick Kinzel said in a statement. "We will be reviewing alternatives to improve operating performance and enable unitholders to realize value consistent with our financial performance, including changes to capital structure, corporate structure, the Company's debt and other strategic options." |
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