US theme park chain, Six Flags, may be saved by former executives after they offered to leave retirement to help the now bankrupt company start earning again.

Former executives of Six Flags Inc have said that if they recommence managing the theme park they could raise its value by up to $300m. The executives are willing to come back out of retirement for up to two years.

Ex-chairman of Six Flags Theme Parks, Larry Cochran, told Reuters that the offer was made to protect their pension plan which is rumoured to be drastically underfunded.

A letter by former Six Flags vice president Jim Prager outlined the steps that he and Cochran would take to boost the value of the company, including the relocation of headquarters and the cutting of bonuses.

US theme park Six Flags filed for bankruptcy in June 2009 as a result of high debts.