The New York-based debt-ridden amusement park operator Six Flags has filed for bankruptcy protection. The world's largest regional theme park company, controlled by Washington Redskins owner Dan Snyder, operates amusement parks across the United States, Canada and Mexico.

The company informed that it got undivided support of its lenders' steering committee in filing for Chapter 11 protection.

The company is seeking bankruptcy court approval for restructuring that would hack its debt by $1.8 billion.

Speaking on the topic, Six Flags chief executive Mark Shapiro said, “The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets.”

Earlier, during the first quarter, the company reported a loss of $146.3 million.

Last year, several properties were sold by the company to raise capital. 20 amusement parks are still operating under the jurisdiction of Six Flags.