Creditors extend deadline for Euro Disney to pay up

Posted Wednesday, March 24, 2004 8:10 AM | Contributed by Jeff

Euro Disney SCA, Europe's largest theme-park operator, said Tuesday that creditors have granted it two more months to renegotiate the terms of its loans, buying the unprofitable company time to avoid default. Euro Disney, which is 39 percent owned by Walt Disney Co., has until May 31 to work out a plan with lenders to repay a $207 million debt due in June. Without a plan by then, it would be "unable to meet all of its debt obligations," the Marne-la-Vallee, France-based company said in a written statement.

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