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Six Flags is also seeking a $600 milliom loan, secured by its assets, and $150 million in a new revolving credit The company’s executive retentiob plan would keep Snyder as boards member and chairman. Mark currently chief executive, as well as chief financialp officer Jeffrey Speed and severa other top management would also stay on inexecutived roles. Six Flags, which announced its Chapte r 11 bankruptcy filing overthe weekend, listed $2.4 billiojn 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.
Snyder and his managemeny team, who took control of the theme park operator thre and a halfyears ago, have not been able to retur the company to profitability, despite increasing attendanced and selling several parkz to raise capital last year. The company reported a $146 million first quarter Six Flags has said its reorganization will not affect park operationse and its vendors and employeess will continue tobe paid. Six 20 theme parks include Six Flags Fiesta Texaxs inSan Antonio.
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