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The filing will not affect the operation of the company’s 20 parks in the United States, Mexico and Canada, said spokeswoman Sandra Daniels.

“This restructuring will have no impact on families who come out to our parks. They will not see an inch of difference,” Daniels said.

In an online letter to employees, President and CEO Mark Shapiro said Six Flags inherited a $2.4 billion debt load that “cannot be refinanced in these financial markets.”

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NEW YORK (Reuters) — General Motors Corp will give more than $2.5 billion of the $3.6 billion needed for Platinum Equity to gain control of bankrupt car parts supplier Delphi Corp, the Wall Street Journal said, citing a source.

Under terms of the transaction, private equity firm Platinum is expected to invest no more than $750 million and GM (GMGMQ) would provide the balance in financing, the report said Thursday, citing the source.

Terms of the GM loans could not be learned, the report added.

Platinum declined to comment. GM and Delphi were not immediately available for comment.

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DETROIT – The speed at which General Motors Corp. exits bankruptcy protection will depend a lot on the shape the company is in when it enters. GM has three more days to tidy up.

Bankruptcy experts say the more operational, labor and financial concessions the automaker gets lined up in advance of its likely Chapter 11 reorganization, the faster the ailing automaker can emerge a leaner, stronger company — one that will be nearly three-quarters-owned by taxpayers.

Full Story At money.cnn.com

NEW YORK (Fortune) — Among the thousands of pages of documents filed in connection with Chrysler’s Chapter 11 bankruptcy are affidavits from Chrysler executives that open up a window on the auto business previously closed to outsiders in this intensely competitive business.

They reveal an almost unimaginable complexity in the design, manufacturing, and distribution of new cars.

But what’s more revealing is that the affidavits expose Chrysler’s inability to successfully compete and the dangers facing the company in a prolonged bankruptcy.

Full Story At money.cnn.com

NEW YORK (Reuters) — The bankruptcy judge who oversaw the massive cleanup after the Enron and WorldCom meltdowns has a new challenge that may be his toughest yet – overhauling Chrysler LLC.

Judge Arthur Gonzalez of U.S. Bankruptcy Court in Manhattan was assigned the case Thursday after the iconic carmaker sought Chapter 11 bankruptcy protection following the breakdown of intense negotiations with lenders.

Chrysler filed the case in one of the premier federal bankruptcy courts, and Gonzalez is one of its most experienced judges.

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PHILADELPHIA – The downward spiral of advertising revenue and circulation, coupled with rising debt, has claimed two more newspaper companies in a two-day span.

The owner of Philadelphia’s two major daily papers filed for Chapter 11 bankruptcy protection Sunday in an effort to restructure its increasing debt load. The move comes a day after the Journal Register Co. sought protection.

The filings are the latest blow to a staggering industry. The Chicago-based Tribune Co. sought bankruptcy protection in December, and The Star Tribune of Minneapolis followed suit last month.