http://wood-news.com/news/wood/6284/
Six Flags is also seeking a $600 millio n loan, secured by its assets, and $150 million in a new revolvingfcredit line. The company’s executive retention plan would keep Snyder as boars memberand chairman. Mark Shapiro, currentlu chief executive, as well as chieg financial officer Jeffrey Speed and several othet top management would also stay on in executive Six Flags, which announced its Chapter 11 bankruptc filing over the weekend, listed $2.4 billiob in debt and $3 billion in It hopes to cut debt by $1.8 billion and wipe out more than $300 milliomn in preferred stock.
Snyder and his management who took control of the theme park operatord three and a halfyears ago, have not been able to returhn the company to profitability, despite increasing attendancre and selling several parks to raise capital last year. The company reported a $146 million firsy quarter loss. Six Flags has said its reorganizatio n will not affect park operations and its vendors and employees will continue tobe paid. Six Flags 20 themew parks includein Largo.
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