What does it take to be a CEO of a large US company

Apparently not good economic or management skills. 

 

Six Flags Amusement Park Company Declares Bankruptcy Saturday, June 13, 2009

NEW YORK — The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt.
Mark Shapiro, the New York-based company’s chief executive officer, says the move won’t affect the operation of its 20 theme parks in the U.S., Mexico and Canada.

Six Flags says it actually had a great year in 2008. It saw 25 million visitors and posted record revenues. But executives are trying to lighten a $2.4 billion debt load that they say is unsustainable.

Saturday’s bankruptcy filing came after an earlier plan to negotiate an out-of-court deal with creditors failed.
Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday

Funny they had a good year but still can’t sustain the debt.  I wonder how they forecast their investments.  I’m seriously in the wrong business.

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