Euro Disney bailed out by parent company
Walt Disney has been forced to bail out Euro Disney for the second time in three years.
Euro Disney, which runs Disneyland Paris, has announced a €1 billion refinancing as it continues to suffer falling visitor numbers and spending.
Parent Walt Disney is injecting more than €400 million into the business, while around €600 million in debt is being converted to shares.
Euro Disney says the new financing package would allow it to invest in the business and boost visitor numbers.
Visitor numbers are expected to fall to around 14.1 million this year, 800,000 down on 2013.
“Disneyland Paris is Europe’s number one tourist destination, but the ongoing economic challenges in Europe and our debt burden have significantly decreased operating revenues and liquidity,” said Euro Disney president Tom Wolber.
Euro Disney shares fell 15% in early trading on the Paris stock market.
Walt Disney owns 40% of the shares and by guaranteeing a capital increase and converting existing debt into equity, it could end up owning the entire company.
The second largest shareholder is Saudi Prince Alwaleed Bin Talal, who owns 10%.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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