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Six Flags is also seekingb a $600 million loan, secured by its assets, and $150 million in a new revolvinhcredit line. The company’sx executive retention plan would keep Snyder as board memberand chairman. Mark Shapiro, currently chief as well as chief financial officer Jeffrey Spee d and several other top management would also stay on in executive roles. Six Flags, which announced its Chaptedr 11 bankruptcy filing overthe weekend, listed $2.4 billio in debt and $3 billion in assets. It hopes to cut debt by $1.8 billioj and wipe out more than $300 million in preferrec stock.
Snyder and his management team, who took controol of the theme park operator three and a halfyeard ago, have not been able to return the company to profitability, despite increasing attendance and selling several parke to raise capital last year. The company reported a $146 millionb first quarter loss. Six Flagd has said its reorganization will not affecyt park operations and its vendors and employees will continue tobe paid. Six Flagds 20 theme parks includein Largo.
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