Only a year after the inauguration of Eurodisneyland, Robert Fitzpatrick resigned as chairman of EuroDisney's. In April 1993, Philippe Bourguignon took over the reins of EuroDisney, is considered by some to be a sinking ship. EuroDisney publicly reported a net loss of FFr188 million for the fiscal year ending in September 1992, through the combined losses to April 1993 approached half a billion dollars. European stock fell one million visitors short of its goal for the first year. In addition to financial woes weighing on Bourguignon, he was also expected to stop the flow of bad publicity which EuroDisney had from the beginning. The second phase of development at Eurodisneyland was scheduled to begin in September 1993, but in light of their drain cash reserves (FFr1.1bn May 1993) and the monstrous debts (estimated FF42bn), it was unclear how the estimated 10 billion FFr8-Phase Two of the project will funded. Despite this gloomy picture, Michael Eisner, CEO of Walt Disney Co, remained optimistic about the company:. "Instant his things that go fast, and the things that grow slowly and are part of the culture that we're looking for that we are made in France, is the largest private investment in a foreign country, the U.S. company ever. And it's going to pay off."
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by J. Stewart Black, Tanya Spyridakis Source: Thunderbird School of Global Management 14 pages. Publication Date: June 15, 1999. Prod. #: TB0195-PDF-ENG
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