TITLE

Euro Disney in talks as cash flow dries up

AUTHOR(S)
Williamson, Emily
PUB. DATE
August 2004
SOURCE
Travel Weekly: The Choice of Travel Professionals;8/6/2004, Issue 1730, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that Euro Disney SCA's lenders have failed to agree a financial rescue plan for the theme park operator as it warns of further losses. Lenders had extended Euro Disney's waiver on debt payments until the end of last month while the plan was agreed, but this has been pushed back to September 30 as negotiations continue with "certain lenders." Euro Disney has a debt of more than two billion euros and has warned if negotiations are not successful it may not be able to pay its debts to the Walt Disney Co. and other lenders, should they be called in. The increased loss has been put down to reduced revenues, higher operating costs, higher royalty and management fee costs, more money being spent on marketing and the cost of financial restructure.
ACCESSION #
20858493

 

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