It's all a long con with the help of the thinktank they hired to restructure their finances. Will repost that link when I get home. Everything going on looks like the actions of someone pretending to do everything they can to save the situation, before doing the bad thing they wanted to do all along. It's all smoke and mirrors to get out of debt obligations including Reedy Creek pension funds. The park isn't profitable and the management of their resources is sucking the capital out of the company.
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Why would Disney need bankruptcy protection? Didn't they just beat on both lines?
As much as I want it to be true, I don't see it.
Disney is facing financial ruin. They have no money, everything they have is burning through money like there's no tomorrow. The streaming network won't be profitable for years, they are pushing off debt liabilities left and right, they're even considering leasing out some of their content back to Netflix and HBO. Hollywood movies don't make money these days it's all about bringing in more investments. With the downturn of the economy no longer being able to be hidden and the government unloading the toxic debt it absorbed in 2008 there is no more money coming to them from investment firms that they can swindle off to their investors. Despite not paying a dividend for 3 years, Disney still has nothing.
There is also a financial guy that I watch that has a theory that Disney was caught up in FTX and that a lot of their money was blown away when that all collapsed. And that is the reason that they yeeted Chapek in such a brazen and unusual way. Nope because he was the one doing it, but because he could have exposed the ones who were (specifically, he thinks the CFO).