Magic Mountain parent files for bankruptcy

June 14, 9:46 PMLA Headlines ExaminerTad Cronn

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Park mascot "Mr. Six" and Magic Mountain visitors go for a spin. (AP)

Magic Mountain and Hurricane Harbor in Santa Clarita, along with 18 other theme parks, will remain open even though owner Six Flags has filed for bankruptcy protection.

The company filed for Chapter 11 in Delaware, listing assets of $3 billion and a debt of $2.4 billion. Thirty-six affiliated companies also sought protection.

Chairman Daniel Snyder, who also owns the Washington Redskins, has been trying to return the theme park company to profitability since winning three seats on the board in 2005.

Six Flags has not posted an annual profit since 1998. Shares have fallen 86 percent in the past year over investor skepticism about refinancing $287.5 million in preferred income equity redeemable shares before they're due in August.

The company is seeking court approval of a plan to cut its debt by $1.8 billion and eliminate more than $300 million in preferred stock obligations.

HSBC Bank USA, National Association is the largest listed unsecured creditor. HSBC and 19 other creditors are owed $1.3 billion.