Six Flags is bankrupt, but the rides go on

After months of speculation, Six Flags finally filed for bankruptcy on Saturday. Under a prenegotiated restructuring plan, it seems likely that senior lenders stand to gain 90 percent control of the company, while bondholders will receive about 10 percent ownership.

This move is coming a little ahead of schedule. Six Flags was scheduled to pay a massive $287.5 million to preferred stockholders in August. With refinancing off the table and creditors unwilling to restructure debt, the company had little choice but to go for bankruptcy.