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Debt deadline extension for Euro Disney
POSTED 03 Aug 2004 . BY
Euro Disney SCA, the operator of the Disneyland Paris theme park operator, announced yesterday that it has missed the deadline on its 2.4bn euro financial restructuring plan.

The company also issued a profits warning, which led to shares in the group falling by 12.9 per cent.

In June of this year, the debt-ridden operator had agreed a draft deal with its principal creditors to restructure its finances. The deal was between The Walt Disney Company, Caisse des Déspôts et Consignations and a steering committee of its other lenders.

However, the deal was subject to the unanimous approval of lenders by 31 July to become effective and Euro Disney announced yesterday that, following its failure to reach agreement with “certain lenders” regarding its debt, the deadline to reach agreement will now been extended to 30 September.

If a deal can be made, it will become the second debt restructuring that Euro Disney has undergone in the past 10 years.

The group also announced yesterday that sales for the nine months to June 30 were down by 1 per cent to 740.4m euros.

The Senior vice president and chief financial officer of Euro Disney SCA, Jeffrey R. Speed, said: “While the financial restructuring process is continuing in order to obtain lender consent, we continue to believe that a prompt resolution remains in the best interest of all stakeholders.

“We are intent on achieving resolution as soon as possible, thereby allowing the company’s resources to be focused entirely on profitably growing the business.” Details: www.eurodisney.com

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NEWS
Debt deadline extension for Euro Disney
POSTED 03 Aug 2004 . BY
Euro Disney SCA, the operator of the Disneyland Paris theme park operator, announced yesterday that it has missed the deadline on its 2.4bn euro financial restructuring plan.

The company also issued a profits warning, which led to shares in the group falling by 12.9 per cent.

In June of this year, the debt-ridden operator had agreed a draft deal with its principal creditors to restructure its finances. The deal was between The Walt Disney Company, Caisse des Déspôts et Consignations and a steering committee of its other lenders.

However, the deal was subject to the unanimous approval of lenders by 31 July to become effective and Euro Disney announced yesterday that, following its failure to reach agreement with “certain lenders” regarding its debt, the deadline to reach agreement will now been extended to 30 September.

If a deal can be made, it will become the second debt restructuring that Euro Disney has undergone in the past 10 years.

The group also announced yesterday that sales for the nine months to June 30 were down by 1 per cent to 740.4m euros.

The Senior vice president and chief financial officer of Euro Disney SCA, Jeffrey R. Speed, said: “While the financial restructuring process is continuing in order to obtain lender consent, we continue to believe that a prompt resolution remains in the best interest of all stakeholders.

“We are intent on achieving resolution as soon as possible, thereby allowing the company’s resources to be focused entirely on profitably growing the business.” Details: www.eurodisney.com

MORE NEWS
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Continued impressive results from Universal's theme park division has fueled strong revenue's for Comcast's first quarter, with theme park revenues increasing by 14.5 per cent.
Three more theme parks for China as Six Flags enjoys record start to 2018
Off the back of a record financial start to the year, Six Flags has announced plans to develop three more theme parks in China as the operator continues to ride the international wave of momentum it has created.
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Cream of tourism crop revealed with VisitEngland's latest Awards for Excellence
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Guest Experience Manager
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Salary: Circa £30,000
Job location: Tamworth, UK
Games & Wristbands Manager
West Midland Safari and Leisure Park
Salary: £22,000 - £25,000
Job location: Worcs, UK
Senior Bowling Technician
NAMCO UK Ltd
Salary: Competitive Salary & Benefits
Job location: Manchester, UK
Food and Beverage Manager
NAMCO UK Ltd
Salary: Circa £23,000
Job location: Manchester, UK
Performance Assistant Team Leader
Hamburg Dungeon
Salary: Competitive Salary & Benefits
Job location: Hamburg, Germany
Retail, Admissions & Membership Manager
The Wildfowl and Wetlands Trust
Salary: £33,065
Job location: London, UK
+ More jobs  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2018

ABOUT LEISURE MEDIA
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