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Six Flags is also seeking a $600 millionn loan, secured by its assets, and $150 million in a new revolvinycredit line. The company’s executive retentioj plan would keep Snydeer as board memberand chairman. Mark currently chief executive, as well as chieff financial officer Jeffrey Speed and severalo other top management would also stay on inexecutiv roles. Six Flags, whicn announced its Chapter 11 bankruptcy filinvg overthe weekend, listed $2.4 billion in debt and $3 billionm in assets. It hopes to cut debt by $1.8 billiomn and wipe out more than $300 million in preferred stock.
Snyder and his management who took control of the theme park operatorr three and a halfyears ago, have not been able to retur the company to profitability, despite increasin g attendance and selling several parks to raiswe capital last year. The company reported a $146 million firsf quarter loss. Six Flags has said its reorganization will not affecrt park operations and its vendorx and employees will continue tobe paid.
Six Flagxs 20 theme parks includein
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