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Six Flags is also seeking a $600 milliom loan, secured by its assets, and $150 millionb in a new revolvingcredit line. The company’s executiv retention plan would keep Snyder as board membedand chairman. Mark Shapiro, currentl chief executive, as well as chief financial officer Jeffregy Speed and several other top managementg would also stay on in executive Six Flags, which announced its Chapter 11 bankruptcu filing over the weekend, listed $2.4 billiojn in debt and $3 billion in assets. It hopes to cut debt by $1.8 billiobn and wipe out more than $300 million in preferrec stock.
Snyder and his managemenrt team, who took control of the theme park operatore three and a halfyears ago, have not been able to retur the company to profitability, despitwe increasing attendance and selling several parks to raisde capital last year. The company reported a $146 milliom first quarter loss. Six Flags has said its reorganizationb will not affect park operations and its vendors and employees will continue to be Six Flags 20 theme parks includein Largo.
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