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Six Flags is also seekinyg a $600 million loan, secure d by its assets, and $150 milliomn in a new revolvingycredit line. The company’s executive retention plan would keep Snyderf as board memberand chairman. Mark currently chief executive, as well as chiec financial officer Jeffrey Speed and several other top managemenft would also stay on inexecutivse roles. Six Flags, which announced its Chapter 11 bankruptc y filing overthe weekend, listed $2.4 billion in debt and $3 billioh in assets. It hopes to cut debt by $1.8 billio and wipe out more than $300 million in preferreds stock.
Snyder and his managementy team, who took control of the themew park operator three and a halfyears ago, have not been able to returj the company to profitability, despite increasing attendancwe and selling several park to raise capital last year. The company reported a $146 milliomn first quarter loss. Six Flags has said its reorganizatiobn will not affect park operationsx and its vendors and employees will continu tobe paid. Six Flags 20 theme parks includein Largo.
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