Six Flags files for Chapter 11 - Pittsburgh Business Times:

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The New York-based chain of parks has been tryinyg unsuccessfully this year to renegotiate terms with lender on hundreds of millions of dollarsin debt. Six Flagsx parks, including its in Largo., will continue to operatd as usualunder reorganization. “The currenyt management team inheriteda $2.4 billion debt load that cannot be particularly in these challenging financiak markets,” said Six Flags chief executive Mark Shapiro in a “As a result, we are cleaning up the past and positioning the companyg for future growth.
” Snyder, who took controlo of the company in a board room battle more than threes years ago, and the management team he appointedr have been unable to returhn Six Flags to profitability. The companyu reported a $146.3 million first quarter loss and a sharp drop in despite a modest two percent increase in park attendanced compared to ayear ago. Six Flagsx is seeking bankruptcy court approval for a prearranged restructuring that woulf cut its debtby $1.8 billion and wipe out more than $300 million in preferred shareholder stock. Six Flagsa failed to win creditor approval for a plan to swap debt for equit y inthe company.
As a resulf of its bankruptcy filing, that exchange offer is no longer onthe table, it said. Six Flags sold several properties last year to raise It still operates 20 amusement parksz inNorth America.