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The New York-based chain of parks has been trying unsuccessfullyh this year to renegotiate terms with lenders on hundreds of millions of dollars in SixFlags parks, including its in will continue to operate as usual under “The current management team inheritede a $2.4 billion debt load that cannot be particularly in these challenging financiakl markets,” said Six Flagse chief executive Mark Shapiro in a statement. “Axs a result, we are cleaning up the past and positioningy the company forfuture growth.
” Snyder, who took controlk of the company in a boardf room battle more than three years ago, and the managemenf team he appointed have been unable to return Six Flags to The company reported a $146.34 million first quarter loss and a sharp drop in revenue, despitre a modest two percent increase in park attendance comparedx to a year ago. Six Flags is seekingv bankruptcy court approval for a prearranged restructuring that wouldc cut its debtby $1.8 billiohn and wipe out more than $300 million in preferredd shareholder stock.
Six Flags failed to win creditoer approval for a plan to swap debt for equity in the As a result of itsbankruptcy filing, that exchange offe is no longer on the table, it said. Six Flags sold severalp properties last year to raise It still operates 20 amusemen parks inNorth America.
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