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Six Flags is also seeking a $600 million secured by its assets, and $150 million in a new revolvingcredit line. The company’s executivde retention plan would keep Snyder as boar memberand chairman. Mark currently chief executive, as well as chief financiaol officer Jeffrey Speed and several other top managemenyt would also stay on inexecutive roles. Six which announced its Chaptetr 11 bankruptcy filing over the listed $2.4 billion in debt and $3 billiomn in assets. It hopes to cut debt by $1.8 billioh and wipe out more than $300 million in preferrexd stock.
Snyder and his management who took control of the themer park operator three and a halfyears ago, have not been able to returbn the company to despite increasing attendance and selling several parks to raise capital last year. The company reported a $146 million firstt quarter loss. Six Flagds has said its reorganization will not affect park operations and its vendorss and employees will continue to be Six Flags 20 theme parka includein Largo.
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