(CNN) -- In an effort to shed $1.8 billion in debt, popular theme-park chain Six Flags announced Saturday that it was filing for Chapter 11 bankruptcy.
Six Flags operates 20 theme parks in the United States, Mexico and Canada.

The filing will not affect the operation of the company's 20 parks in the United States, Mexico and Canada, said spokeswoman Sandra Daniels.

"This restructuring will have no impact on families who come out to our parks. They will not see an inch of difference," Daniels said.

In an online letter to employees, President and CEO Mark Shapiro said Six Flags inherited a $2.4 billion debt load that "cannot be refinanced in these financial markets."

"This process is strictly a financial restructuring of our debt and that's how you should view it and speak about it," Shapiro said in the message posted on the Six Flags Web site.

He said Six Flags was seeking expedited approval from the for the District of Delaware of a pre-negotiated plan of reorganization under Chapter 11 of the United States Bankruptcy Code.

He said the company actually performed well in 2008, attracting 25 million visitors and making $275 million. But it could not keep up with its debt obligations.

"That's a balancing act you just can't risk year in and year out," he said. "Today, we are moving to rectify our balance sheet once and for all. Believe me when I say we will emerge from this process stronger and more competitive than ever." Read Shapiro's online letter to employees

The restructuring would reduce the company's debt to $600 million.

Shapiro told employees that the company was on "solid ground" and the bankruptcy decision was "difficult." He assured them their paychecks and jobs were safe.

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Smile, God loves you

If only they hadn't signed that 1.8 billion dollar advertising contract with this fella.

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Maybe they should stop charging Disney prices to get into the park.

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To Do It and Fail, Is Better Then To Never Try! Russell Swan-Survivor Samoa

It's called a "pre-pack" and it means, really, that this is just a formality. The case will be done in 60-90 days.

The restructuring would reduce the company's debt to $600 million.

Where does the rest of the debt go? Do the companies/people they owe just have to eat it now?

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The only way to bring about change is to actively strive to achieve it. - (7-24-09, Witchofthedogs)

Who is he?



From "Queer Eye for the Straight Girl"

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In a pre-packaged bankruptcy, generally, unsecured creditors get paid 100% on the dollar. It's the secured creditors who restructure their debt holdings.