Darkbeer
07-31-2003, 09:17 PM
Euro Disney debt default likely (http://www.guardian.co.uk/business/story/0,3604,1010347,00.html) - The Guardian (UK), 8/1/03
QuikQuote: The company said it had been hit by the downturn in European travel and tourism, the recent spate of strikes that have paralysed France and the weak economy in its main markets. It is abandoning previous forecasts for theme park attendance and hotel occupancy for 2003 and 2004. Revenues in the most recent quarter fell by 7% to €275.6m (£197m).
In a statement, the company said that as a result of the downturn it "does not expect to be in compliance with certain bank covenants for [2003-04]". It is in discussions with its banks and Walt Disney, which owns 39% of the business, to restructure its loans or secure extra financing.
QuikQuote: The company said it had been hit by the downturn in European travel and tourism, the recent spate of strikes that have paralysed France and the weak economy in its main markets. It is abandoning previous forecasts for theme park attendance and hotel occupancy for 2003 and 2004. Revenues in the most recent quarter fell by 7% to €275.6m (£197m).
In a statement, the company said that as a result of the downturn it "does not expect to be in compliance with certain bank covenants for [2003-04]". It is in discussions with its banks and Walt Disney, which owns 39% of the business, to restructure its loans or secure extra financing.