Six Flags Files for Chapter 11

Corn dogs and rollercoasters and bankruptcy? Six Flags, the theme park operator, declared bankruptcy this weekend after it was unable to strike a deal with its lenders on the park’s $2.4 billion debt. The company is chaired by Washington Redskins owner Daniel Snyder and operates 20 parks that drew over 25 million visitors last year. The bankruptcy protection is meant to clear up its messy balance sheet, and the parks will remain open, though Six Flags’ shares will likely tumble in value. Over the past several years, Six Flags slashed admission prices to its parks and tried to forge a family-friendly, safety-oriented image, but the recession made it difficult for the company to refinance it debt and sell off some of its properties.