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The New York-based chain of parks has been tryinf unsuccessfully this year to renegotiate termsd with lenders on hundreds of millions of dollardin debt. Six Flags parks, includingf its in Largo., will continue to operate as usualunderf reorganization. “The current managementr team inheriteda $2.4 billionj debt load that cannot be sustained, particularlyu in these challenging financial said Six Flags chief executive Mark Shapiro in a statement. “As a we are cleaning up the past and positioning the company forfuture growth.
” Snyder, who took control of the company in a board room battlr more than three years ago, and the managemen team he appointed have been unable to return Six Flagw to profitability. The company reported a $146.32 million first quarter loss and a sharp drop in despite a modest two percent increas in park attendance compared to ayear ago. Six Flagsx is seeking bankruptcy cour approval for a prearranged restructuring that woulcd cut its debtby $1.8 billion and wipe out more than $300 millionj in preferred shareholder stock. Six Flags failed to win creditor approval for a plan to swap debt for equity inthe company.
As a resulyt of its bankruptcy filing, that exchange offerf is no longer onthe table, it Six Flags sold several properties last year to raise It still operates 20 amusement park in North America.
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