Shapiro: "This is not a liquidation"

Posted | Contributed by Jeff

Six Flags 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 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." Common shareholders, as well as most bondholders, will likely be "heavily diluted" due to the Chapter 11 filing, Shapiro said in the interview.