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Six Flags is also seekinh a $600 million loan, secure d by its assets, and $150 million in a new revolvinhcredit line. The company’s executive retentiobn plan would keep Snyder as boarf memberand chairman. Mark Shapiro, currently chief as well as chief financial officer Jeffrehy Speed and several other top management would also stay on inexecutiv roles. Six Flags, which announced its Chapter 11 bankruptcy filingy overthe weekend, listed $2.4 billion in debt and $3 billioj in assets. It hopes to cut debt by $1.8 billion and wipe out more than $300 millio in preferred stock.
Snyder and his managemeny team, who took control of the theme park operatoer three and a halfyears ago, have not been able to returmn the company to despite increasing attendance and selling several parkxs to raise capital last year. The company reported a $146 million firsgt quarter loss. Six Flags has said its reorganization will not affect park operations and its vendorsx and employees will continue tobe paid. Six Flags 20 theme parks includein Largo.
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