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Euro Disney extends waiver deal with creditors, Walt Disney Co.
(From Agence France Presse)
The Euro Disney theme park has secured an extension to its waiver agreement with creditors and the Walt Disney Co. to May 31 from the previous deadline of March 31.
In a statement released late Monday, the company said more time is needed to resolve its financial predicament, and that if no resolution is possible in the new timeframe, it would be unable to meet all of its debt obligations.
To obtain the extension, Euro Disney said it has increased its security deposit with lenders by 40 million euros to 100 million euros (123 million dollars).
It has also agreed not to allow the outstanding balance of its …
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