Euro Disney SCA has reached a debt restructuring agreement, staving off the immediate threat of bankruptcy.

The troubled theme park operator, which runs the Disneyland Paris resort, said its creditors and leading shareholder, Walt Disney, had “unanimously approved” an amended memorandum of agreement.

However, the group admitted that it had to improve terms offered to hedge funds in order to complete the deal, including a two perc ent point increase to the interest rates it pays on its E450m (£307m) senior debt. The repayment date of the debt was also brought forward to 2012 from 2014.

The company, which has debts of around £2.4bn, said it intends to use the liquidity released by the deal to improve the resort.

André Lacroix, chief executive, said: “This agreement paves the way for exciting new rides and attractions which will entertain and delight our guests.

The future of Disneyland Paris had been in doubt since August, when the group announced it had missed its repayment deadline and issued a profit warning following declining sales.