Six Flags is citing its Chapter 11 bankruptcy filing in its attempt to break its lease with the Kentucky Fair Board. Business First has this report on how bad the situation is for the company:

The New York-based theme parks operator (OTC BB: SIXFQ) posted a net loss of $194.1 million and a loss per share of $2.51, compared with a net loss of $79.1 million and a loss per share of $1.46 in 2008.

Six Flags pegged the loss partly on $138.9 million of reorganization items associated with its Chapter 11 filing, a $108.4 million decrease in revenues and the prior-year debt extinguishment gain of $107.7 million.

Annual revenue fell 11 percent to $912.9 million. This was due to a 6 percent drop in attendance, which itself stemmed from a decline in group sales and reduced complimentary and free promotional tickets.

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