Debt-ridden amusement park operator Six Flags has filed for Chapter 11 bankruptcy reorganization.
The New York-based chain of parks, which runs Six Flags Discovery Kingdom in Vallejo, has been trying to renegotiate terms with lenders on hundreds of millions of dollars in debt.
Six Flags parks, including Discovery Kingdom., will continue to operate as usual under reorganization.
“The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets,” said Six Flags Chief Executive Mark Shapiro in a statement. “As a result, we are cleaning up the past and positioning the company for future growth.”
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