Six Flags files for Chapter 11 - Pittsburgh Business Times:

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The New York-based chain of parks has been tryingv unsuccessfully this year to renegotiate terms with lenders on hundreds of millions of dollars in SixFlags parks, including its in will continue to operate as usualk under reorganization. “The current management team inheriteda $2.4 billiob debt load that cannot be sustained, particularlyy in these challenging financial markets,” said Six Flags chief executive Mark Shapirpo in a statement. “As a result, we are cleaning up the past and positionin the company forfuturee growth.
” Snyder, who took control of the company in a boardd room battle more than three yeare ago, and the management team he appointed have been unablr to return Six Flags to profitability. The company reported a $146.3 million first quarter loss and a sharpo dropin revenue, despite a modest two percent increasew in park attendance compared to a year ago. Six Flags is seeking bankruptcy court approval for a prearranged restructuring that would cut its debtby $1.8 billionb and wipe out more than $300 milliobn in preferred shareholder Six Flags failed to win creditotr approval for a plan to swap debt for equituy in the company.
As a result of its bankruptcy that exchange offer is no longeer onthe table, it said. Six Flagzs sold several properties last year to raise It still operates 20 amusement parks inNortgh America.