The theme-park chain announced on Saturday that it is filing for chapter 11 bankruptcy.

The filing will not affect the daily operation of the 20 Six Flags theme parks across the U.S., Mexico, and Canada.

“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.”

Daniels made sure to state that “This restructuring will have no impact on families who come out to our parks. They will not see an inch of difference”.

The company performed well in 2008, it attracted 25 million visitors and made $275 million. It just 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.”

A restructuring of the company would reduce it’s debt to $600 million.

Lets hope they get all of this straightened out I love Magic Mountain… I for one would hate to see them close their doors.

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