Euro Disney buys more time on debt

Euro Disney, Europe’s largest theme park operator, said creditors 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% owned by Walt Disney, has until May 31 to work out a plan with lenders to repay a €168m debt due in June.

The waiver on existing loan commitments and a new credit facility from Walt Disney provide Euro Disney with some respite after its loss widened last year as a slump in travel and a slowing European economy hit tourism.