Six Flags, one of the world's largest amusement and water parks operators, has filed for Chapter 11 bankruptcy protection in the US as part of attempts to clear debts of US$2.4bn (£1.47bn, 1.73bn euro).

In an open letter to employees, chief executive Mark Shapiro assured workers that there would be no job cuts as a result of the company's decision, while all of the group's 20 North American attractions will continue to operate "as normal".

Despite generating US$275m (£168.3m, 198.3m euro) in 2008, the company was forced to pay US$175m (£107.1m, 126.2m euro) in interest on its debt, as well as investing US$100m (£61.2m, 72.1m euro) in improvements and maintenance at its amusement and water parks.

The company also revealed that the decision to file for bankruptcy protection was motivated by its current inability to refinance debt of more than US$400m (£244.7m, 288.6m euro) due within the next year as a result of the current financial climate.

Shapiro said: "We expect to proceed quickly and we intend to emerge from these proceedings in the coming months with a significantly improved balance sheet and greater operational and financial flexibility.

"Our brand and our operations are on solid ground. This process is strictly a financial restructuring of our debt."

In addition to its operations in the US, Canada and Mexico, which was adversely affected by the Swine Flu outbreak earlier this year, Six Flags has also unveiled plans to expand into Dubai and China.