Six Flags Is Bankrupt

The theme park, Six Flags, is deep in debt, reports the New York Times. The theme park filed for bankruptcy early Saturday morning in Delaware.

Six Flags failed to reach negotiations with other lenders. The theme park was in debt by $2.4 billion and in August was due to pay more than $300 million in payments to stockholders.

Mark Shapiro, the chief executive of Six Flags, said, "The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets."

Dan Snyder, the owner of the Washington Redskins, holds a six percent stake in the theme park. He tried his best to turn around the park back in 2005 after hiring new management, banning smoking, increasing security and having more costumed characters on the ground, according to the New York Times.

In a statement, Six Flags said the bankruptcy filing came after a decent 2008 year.