Here’s something you haven’t heard before. The economy isn’t actually doing that well. Shocking, right?
To put it in perspective, though, here’s a look at a few odd picks of the companies considering bankruptcy in 2009.
1. Six Flags. According to ABC, the company had amassed about $1.5 billion in debt since, you know, those roller coasters shaped like Daffy Duck aren’t free. While Six Flags had a good year in 2008 and anticipates a good year this year (entertainment companies typically do well in a recession, as people want to escape their joblessness and misery by grabbing a $12 beer and pretend to be Batman), the debt was at a point where it was unsustainable, so Six Flags is seeking bankruptcy protection. I’ll avoid making a joke about how they’ll have to wait in line behind a dude in a fanny pack in 100 degree weather for several hours, or how when they finally get to the counter they’ll find out that they needed to buy bankruptcy tickets at the park entrance.
2. GM. No surprise that GM declared bankruptcy; it was pretty much all you could read about for a few weeks. But hey, if you’re an American taxpayer, you now own part of the once-monolithic car company, and the company seems poised for a comeback with a new CEO who admits that he knows nothing about cars. How’s that for honesty? We’ll see if he can actually sell the things. I recommend offering some sort of warranty, and perhaps talking to some Japanese people.
3. Shipping Companies. When people buy less stuff, less stuff gets shipped, and as Lloyd’s List, a blog specializing in shipping and maritime stories, points out, many shipping companies are in danger of going under. Don’t expect this to take out the big boys like FedEx, but smaller companies will lose ground, and shipping rates will almost certainly rise as the recession goes on. Ship everything now, even stuff you don’t need to ship.
4. Newspapers. People get their news from the Internet these days, and as we’ve heard in the, uh, news, print media is sort of dying out. What that means for news in general remains to be seen; will people realize that news is being reported by untrained citizens rather than trained journalists? How will the typical American react to a story that doesn’t comply with journalistic standards? I may have the perfect answer, but I’m not going to tell you, as I refuse to do any additional research.
Do you know of any other companies seeking Chapter 11 bankruptcy protection? Post in our comments section below.
AP, “Six Flags Seeks Chapt. 11 Bankruptcy Protection,” ABCNews.com.
Gray, Tony. “Over half of listed shipping companies may go bust,” Lloyd’s List.