PARIS -- EuroDisney's creditors have given the embattled theme park operator another two months to resolve its financial difficulties.
Hit by the global tourism slump and weighed down by debts of about e2.2 billion ($2.7 billion), the company that operates Disneyland Paris and the Walt Disney Studios theme park announced in July that it would not be able to meet all its repayments in 2003 and '04.
A waiver agreement temporarily letting it off its repayments was due to expire at the end of March. Now EuroDisney, 39% owned by the Walt Disney Co., has obtained an extension to May 31.
Disney also has replaced an unused $55.4 million credit facility, put in place under the first waiver agreement, with another for $30.7 million.
EuroDisney chairman Andre Lacroix said Monday: "We are pleased with having obtained the two-month extension as it demonstrates the parties' willingness to allow more time to reach a long-term solution to EuroDisney's financial situation."
The company's annual shareholders' meeting will take place at the theme park outside Paris today.
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