raptor1982
The year to live your dreams
- Joined
- Jun 12, 2003
- Messages
- 288
Eurodisney press release:
Euro Disney Announces Memorandum of Agreement to Strengthen its Financial
Position
and Accelerate Investment in Growth
Marne-la-Vallée, June 9, 2004 - Euro Disney S.C.A. announced today that the
primary negotiating parties (the Company, The Walt Disney Company ("TWDC"),
Caisse des Dépôts et Consignations ("CDC") and the Steering Committee of its
other lenders), have approved a Memorandum of Agreement ("MOA"). The MOA
contemplates a restructuring of the Company's financial obligations as well as
new debt and equity financing. These transactions are intended to enhance the
Company's liquidity and provide capital for the Company's ongoing business as
well as investment in new park attractions and other resort assets.
The MOA is subject to certain conditions, including approval by all of the
lenders by July 31, 2004, shareholder approvals, regulatory authorisations, and
other significant milestones. Additionally, a continuing debt covenant waiver
depends upon the approval by the requisite number of lenders by June 30, 2004.
The Company believes that the approval of the MOA and the continuing waiver are
in all of the parties' best interests. In the event that such approval is not
obtained, and absent a subsequent waiver or agreement, TWDC and the Company's
other lenders would be able to demand immediate payments from the Company for
amounts owed, which the Company would not be able to satisfy.
Upon obtaining lender approvals and completion of the related documentation,
the Company plans to begin the design of new rides and attractions for the Walt
Disney Studios and Disneyland theme parks as well as other assets throughout
the resort.
André Lacroix, Chairman and Chief Executive Officer, said:
"We are extremely pleased and grateful to the CDC, CALYON, BNP Paribas, the
other members of the Steering Committee and The Walt Disney Company, as we
reach this very important milestone. This Memorandum of Agreement embodies the
essential elements for Disneyland Resort Paris to pursue its long-term growth
strategy, including capital for asset additions.
We will be announcing additional details as well as the components of our new
investment plan at the appropriate time in the near future."
Corporate Communication Investor Relations
Philippe Marie
Sandra Picard-Ramé
Additional Financial Information can be found on the internet at
www.eurodisney.com
Euro Disney Announces Memorandum of Agreement to Strengthen its Financial
Position
and Accelerate Investment in Growth
Marne-la-Vallée, June 9, 2004 - Euro Disney S.C.A. announced today that the
primary negotiating parties (the Company, The Walt Disney Company ("TWDC"),
Caisse des Dépôts et Consignations ("CDC") and the Steering Committee of its
other lenders), have approved a Memorandum of Agreement ("MOA"). The MOA
contemplates a restructuring of the Company's financial obligations as well as
new debt and equity financing. These transactions are intended to enhance the
Company's liquidity and provide capital for the Company's ongoing business as
well as investment in new park attractions and other resort assets.
The MOA is subject to certain conditions, including approval by all of the
lenders by July 31, 2004, shareholder approvals, regulatory authorisations, and
other significant milestones. Additionally, a continuing debt covenant waiver
depends upon the approval by the requisite number of lenders by June 30, 2004.
The Company believes that the approval of the MOA and the continuing waiver are
in all of the parties' best interests. In the event that such approval is not
obtained, and absent a subsequent waiver or agreement, TWDC and the Company's
other lenders would be able to demand immediate payments from the Company for
amounts owed, which the Company would not be able to satisfy.
Upon obtaining lender approvals and completion of the related documentation,
the Company plans to begin the design of new rides and attractions for the Walt
Disney Studios and Disneyland theme parks as well as other assets throughout
the resort.
André Lacroix, Chairman and Chief Executive Officer, said:
"We are extremely pleased and grateful to the CDC, CALYON, BNP Paribas, the
other members of the Steering Committee and The Walt Disney Company, as we
reach this very important milestone. This Memorandum of Agreement embodies the
essential elements for Disneyland Resort Paris to pursue its long-term growth
strategy, including capital for asset additions.
We will be announcing additional details as well as the components of our new
investment plan at the appropriate time in the near future."
Corporate Communication Investor Relations
Philippe Marie
Sandra Picard-Ramé
Additional Financial Information can be found on the internet at
www.eurodisney.com
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