Six Flags Entertainment Corporation (formerly Six Flags, Inc.) has completed its balance sheet restructuring and emerged from Chapter 11 bankruptcy protection.

The restructuring has reduced the company's indebtedness and mandatorily redeemable preferred stock from approximately US$2.7bn (£1.8bn, €2bn) at 31 December, 2009 to about US$1.0bn (£658.5m, €762m) now. As a result, its annual cash interest payment will be reduced to around US$75m (£49m, €57.2m). The restructuring also included US$725m (£477.5m, €552.5m) in new equity committed by the new shareholders.

Mark Shapiro, president and CEO of Six Flags Entertainment said: "This reorganisation constitutes the final step in the repositioning of Six Flags. "Since the new management team arrived in 2006, we have concentrated on broadening our audience base by improving the product offering.

"We have upgraded and invested in the appearance and cleanliness of the parks; created a more diversified family entertainment experience; grown in-park revenue by increasing length of stay and offering guests high quality brands; elevated guest service through targeted staffing initiatives; and grown sponsorship and licensing revenues." Six Flags Entertainment is the world's largest regional theme park company with 19 parks across the United States, Mexico and Canada.

Pic: The Six Flags Railroad at Six Flags over Texas, Arlington, TX