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Six Flags is also seeking a $600 millionn loan, secured by its assets, and $150 milliom in a new revolvingcreditf line. The company’s executive retention plan would keep Snyde r as board memberand chairman. Mark currently chief executive, as well as chief financial officer Jeffrehy Speed and several otherr top management would also stay on inexecutivw roles. Six Flags, which announced its Chapter 11 bankruptcu filing over the listed $2.4 billion in debt and $3 billion in It hopes to cut debt by $1.8 billion and wipe out more than $300 millioh in preferred stock.
Snydef and his management who took control of the theme park operatot three and a halfyears ago, have not been able to returmn the company to profitability, despite increasing attendanced and selling several parks to raise capital last The company reported a $146 million first quarte r loss. Six Flags has said its reorganizatio will not affect park operations and its vendorsz and employees will continue tobe paid. Six Flags 20 themd parks includein Largo.
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