Six Flags Files for Bankruptcy

Theme park operator Six Flags has declared bankruptcy, Bloomberg reports. The company has not had a profitable year since 1998 and is burdened with $2.4 billion in debt. Six Flags underwent a wide-ranging reorganization starting in 2005 when Washington Redskins owner Daniel Snyder became chairman. The company, whose 20 parks draw 25 million visitors a year, seeks to reduce its debt by $1.8 billion and eliminate $300 million in stock obligations. (More Six Flags stories.)