Six Flags, the largest regional theme park company in the world, filed for bankruptcy protection in Delaware Saturday morning.

Based in New York City, the company operates 20 parks across the United States, Mexico and Canada.

Montreal's amusement park, La Ronde, is owned by Six Flags.

Faced with $2.4 billion in debt, the company is seeking Chapter 11 bankruptcy protection.

"The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets," Mark Shapiro, the company's chief executive officer, said in a statement.

"As a result, we are cleaning up the past and positioning the company for future growth."

Six Flags hopes to get rid of $1.8 billion of debt and $300 million in preferred stock payments by restructuring.

Shapiro said the move will not have an impact on the operation of its theme parks.

Executives also said the company did very well last year, with 25 million visitors and record revenues.

With files from the Associated Press