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
