The Daniel Snyder-controlled Six Flags, Inc. officially filed for Chapter 11 bankruptcy early Saturday, unable to cope with an excessive debt load. Attempts to restructure a company outside the bankruptcy process with more than $2 billion in debt proved unsuccessful.
Snyder's stake in Six Flags could be wiped out in the bankruptcy process reports the Wall Street Journal though there is no official confirmation of that analysis. The Washington Redskins owner gained effective control of Six Flags in 2005, naming himself as Chairman of the Board and surrogate Mark Shapiro as CEO.
Six Flags owns and operates a number of affiliated amusement parks including the Six Flags America complex in Mitchellville, Maryland. The company has promised that amusement park operations would continue unaffected by the bankruptcy proceedings. Time will also tell on that point.
______________________Labels: bankruptcy, business, daniel snyder, maryland, mitchellville, prince george's county, six flags, six flags america
