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Six Flags, the world's largest regional theme park company, said Saturday it filed for bankruptcy protection.
The New York-based company operates amusement parks across the United States, Canada and Mexico. Six Flags [SIX
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] said it filed for Chapter 11 protection with the unanimous support of its lenders' steering committee.
The plan will result in a deleveraging of the company's balance sheet by about $1.8 billion, as well as the elimination of more than $300 million in preferred stock obligations.
"The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets," Mark Shapiro, the chief executive of Six Flags, said in a news release. "As a result, we are cleaning up the past and positioning the company for future growth."
Shapiro said the action will not affect day-to-day park operations. The bankruptcy filing "paves the way for a full revival of the company," he said.
Six Flags, which offers 800 rides at its 20 parks, had been burdened with a massive debt load and a looming cash payment in August.
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