Six Flags may file for bankruptcy

The main problem for /*Six Flags*/ appears to be an August deadline to pay preferred stockholders. A /*Securities and Exchange Commission*/ filing says that payout could cost the company more than $300 million.

Six Flags may file for /*Chapter 11 bankruptcy*/ if the company can't renegotiate its debt. Chapter 11 allows a company to continue operation while it works out a plan to pay creditors.

If the company can't renegotiate its debt in time, it could be hit by a domino effect, causing a default on some of its other debts.

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