One of the world’s biggest theme park operators has announced bankruptcy after failing to refinance $2.4 billion dollars (£1.5 billion) worth of debt. Six Flags, which operates 20 parks in America, Canada and Mexico has now prepared a roller coaster ride for its share holders which includes Microsoft owner Bill Gates.

Chief executive Mark Shapiro, speaking to the Times newspaper, was anxious to reassure visitors that the company's parks will stay open over the peak summer season. "This isn't liquidation," he said. "The summer is here – all the parks are open at full throttle."

He said Six Flags' debt problems date back a decade to a period when the company expanded aggressively, buying parks as far afield as Belgium, Germany and France and investing heavily in state-of-the-art rides.

"If the markets were better, maybe you could refinance the debt," Shapiro told CNBC television. "But that's just kicking a can down the road; it's not solving the problem."