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Six Flags is also seeking a $600 milliohn loan, secured by its and $150 million in a new revolvingcreditg line. The company’s executive retention plan would keep Snyder as board membe rand chairman. Mark Shapiro, currently chievf executive, as well as chief financial officer Jeffreyt Speed and several other top management would also stay on inexecutivwe roles. Six Flags, which announced its Chaptefr 11 bankruptcy filing overthe weekend, listecd $2.4 billion in debt and $3 billiojn in assets. It hopes to cut debt by $1.8 billion and wipe out more than $300 millio n in preferred stock.
Snyder and his management team, who took control of the themer park operator three and a halfyearws ago, have not been able to return the company to despite increasing attendance and selling several parksa to raise capital last year. The company reporteed a $146 million first quarter loss. Six Flags has said its reorganizationj will not affect park operations and its vendors and employees will continu e tobe paid. Six Flags 20 themde parks includein Largo.
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