Six Flags Inc., the world’s largest regional amusement park, filed for chapter 11 bankruptcy protection early Saturday morning after failing to reach an agreement with lenders of a plan to reorganize its debt.

Despite the good year the company had in 2008 with over 25 million and a generation of record revenues, they still shouldered $2.4 billion debt. Now they face nearly a $300 million payment to preferred shareholders due this August, along with $31 million in unpaid dividends. However, the company is seeking court approval for a restructuring plan, a proposal that would eliminate $1.8 billion of their debt.

On the brighter side, CEO Mark Shapiro stated that the bankruptcy will not affect the daily operation of its 20 theme parks, meaning the parks will still stay open. The 2009 season has just gotten started and the parks are keeping busy as they are trying to add new rides.

Six Flag shares have traded below $1 since September 2008, closing at 26 cents on Friday.

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