NEW YORK (Reuters) - Six Flags Inc (SIXF.OB) will not sell assets or reduce its workforce as a result of its Chapter 11 bankruptcy filing this weekend, the theme park operator's chief executive told CNBC on Monday."This isn't a liquidation," said CEO Mark Shapiro. "This is about the past. This is about debt that's been around for just too long."
Six Flags, which operates or owns 20 parks in North America, filed for Chapter 11 bankruptcy protection in the early hours of Saturday morning. The company was saddled with a $2.4 billion debt load and faced a looming cash $300 million payment to preferred stock holders in August.
The company tried to convince lenders to swap debt for equity in the last two months, but abandoned the measure after the measure drew little interest.Full Story
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