New York ? Shares of Six Flags Inc. touched a new low Friday after the theme park operator said it could not meet a looming financing obligation and may have to file for Chapter 11 bankruptcy protection.

As the shares dropped, Moody’s Investors Service cut the company’s corporate family rating and probability-of-default rating by two notches to “Ca” — the second lowest — saying an out-of-court restructuring or a bankruptcy filing “is likely in the near term.”

The New York-based company, in which Microsoft Corp. co-founder Bill Gates’ personal investment fund holds a stake of more than 10 percent, said Wednesday in its annual report that a Chapter 11 filing is possible if it doesn’t reach a deal to restructure its debt.