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The roller coaster bankruptcy ride for Six Flag may be coming to an end.

The theme park company, based in New York, was granted the request to keep their current bankruptcy plan. Reuters is reporting that the company may be fully out of bankruptcy by March.

Six Flags filed Chapter 11 bankruptcy with the Delaware Bankruptcy Court last June. Another victim of a battered economy, the company say revenue plunge as fewer visitors came to their adventure-themed parks. After they were unable to reorganize their debt, they entered bankruptcy protection with $2.4 billion in debt.

In the bankruptcy papers, Six Flags predicted their revenue from 2009 would drop 10.9 percent from the previous year. In 2008 the company made $111.1 million.

According to a Reuter’s article- their initial bankruptcy plan was to transfer most of its stock to its senior lenders including JP Chase Morgan and Co. This upset the company’s other creditors because the stock was given mainly to bank creditors.

Investment firm Avenue Capital Management stepped in and offered a new plan.

Under the proposed reorganization plan Avenue Capital would take over the company if approved. With the current plan, Six Flags would conduct a $450 million rights offering which would give Avenue Management control of the company. It would also provide junior note holders with 7.3 percent equity in the reorganized company.

But a group of unsecured creditors, called The SFI note holders, do not agree with this proposed plan. The Avenue plan would provide the SFI note holders with $480 million and 7 percent stock of the reorganized company.

The SFI group led by, Stark Investments, claimed the plan lessens the value of the theme park. So in turn they proposed a new bankruptcy plan in which they would take control of the company.  The plan would give more money back to the creditors.

Six Flags said in the court papers they don’t think that Stark investments have the funds to back up their theme park operations.

Reuters reported that Judge Christopher Sontchi, who approved the request, said that Six Flags and the Avenue led group had made good faith progress on their restructuring plan. He further said that if the plan falls through, then the court might allow Stark Investments to propose their reorganizational plan.

Six Flags stated that when they emerge from bankruptcy, they will have a $150 million revolving credit facility, a $680 million term loan and a financing commitment from Time Warner Inc.

Time Warner’s cartoon characters such as Bugs Bunny are associated with all the Six flags across the nation.

The court hearing for the bankruptcy will be in March and should takes about two weeks. The bankruptcy court will review the reorganization plan before they approve it.

Get more information on filing chapter 7 bankruptcy.