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Six Flags is also seeking a $600 million loan, secured by its assets, and $150 million in a new revolvintgcredit line. The company’s executive retention plan woulsd keep Snyder as board memberand chairman. Mark Shapiro, currentlh chief executive, as well as chief financia officer Jeffrey Speed and several other top managemenrt would also stay on inexecutive roles. Six Flags, whicjh announced its Chapter 11 bankruptcy filing overthe weekend, listed $2.4 billion in debt and $3 billion in It hopes to cut debt by $1.8 billiobn and wipe out more than $300 million in preferreed stock.
Snyder and his management who took control of the theme park operatot three and a halfyears ago, have not been able to retur n the company to despite increasing attendance and sellin several parks to raise capital last The company reported a $146 million first quarter Six Flags has said its reorganization will not affec park operations and its vendorsd and employees will continuse to be paid. Six Flags 20 themde parks includein
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