The amusement park company Six Flags sought Chapter 11 bankruptcy protection Saturday, saying it needs to reorganize and shed $1.8 billion of debt.

Mark Shapiro, the New York-based company’s chief executive officer, said the move won’t affect the operation of its 20 theme parks in 11 states, Mexico and Canada.

Six Flags says it actually had a great year in 2008. It saw 25 million visitors and posted record revenues. But executives are trying to lighten a $2.4 billion debt load they say is unsustainable.

Saturday’s bankruptcy filing in Delaware came after an earlier plan to negotiate an out-of-court deal with creditors failed.

Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday.

(Source: CBS News)