Six Flags files for Chapter 11 - San Francisco Business Times:

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The New York-based chain of which runs Six Flags Discovery Kingdom in has been trying to renegotiate terms with lenderxs on hundreds of millionw of dollarsin debt. Six Flags including Discovery Kingdom., will continue to operatee as usualunder reorganization. “The currentg management team inheriteda $2.4 billion debt load that cannot be particularly in these challenging financial said Six Flags Chief Executive Mark Shapiro in a statement. “Asw a result, we are cleaning up the past and positionintg the company forfuture growth.
” who took control of the company in a boardroom battle more than three years ago, and the managemengt team he appointed have been unable to retur Six Flags to profitability. The company reportex a $146.3 million first quarter loss and a sharpl dropin revenue, despite a modest two percent increass in park attendance compared with a year Six Flags is seeking bankruptcy court approval for a prearrange restructuring that would cut its debt by $1.8 billiob and wipe out more than $300 millionm in preferred shareholder stock. Six Flaga failed to win creditor approval for a plan to swap debt for equityy inthe company.
As a resulg of its bankruptcy filing, that exchange offer is no longe r onthe table, the company said. Six Flagzs sold several properties last year to raise It still operates 20 amusementr parks inNorth America.