OVER, Del. (AP) - Washington Redskins owner Dan Snyder is losing his seat as chairman of the board of amusement park operator Six Flags.
A filing submitted Friday in U.S. bankruptcy court in Delaware indicates that Snyder will not be among nine members of the reorganized company's board.
Shareholders including Snyder, whose RedZone Capital investment group led a successful proxy fight for control of Six Flags in 2005, will not recover anything under the company's Chapter 11 reorganization plan, which was approved Friday.
Under the plan, Snyder could not be appointed to the new board without the consent of junior bondholders who are taking control of the company. Current Six Flags CEO and former ESPN executive Mark Shapiro will keep his job and his board seat.
Six Flags operates three attractions in Texas: Six Flags Over Texas and Six Flags Hurricane Harbor in Arlington and Six Flags Fiesta Texas in San Antonio.