Six Flags Seeks Chapt. 11 Bankruptcy Protection

In this file photo, riders are seen on the Six Flags Magic Mountain on May 22, 2008 in Valencia,...

In this file photo, riders are seen on the Six Flags Magic Mountain on May 22, 2008 in Valencia, California. The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt.

(Mathew Imaging/WireImage/Getty Images)

The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt.

Mark Shapiro, the New York-based company's chief executive officer, says the move won't affect the operation of its 20 theme parks in the U.S., Mexico and Canada.

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Six Flags says it actually had a great year in 2008. It saw 25 million visitors and posted record revenues. But executives are trying to lighten a $2.4 billion debt load that they say is unsustainable.

Saturday's bankruptcy filing came after an earlier plan to negotiate an out-of-court deal with creditors failed.

Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday.

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