EuroDisney gets 1.3 bn euro loan from Walt Disney

Euro Disney, the struggling theme park near Paris, said Tuesday that it has received a loan of 1.3 billion euros ($1.7 billion) from its parent the Walt Disney company, allowing it to refinance a large part of its existing debt. Euro Disney, the biggest amusement park in Europe, posted a first-half net loss of 100.8 million euros in May, an increase of 21 million euros from its loss in the same period a year earlier. It had warned then that it may be forced to cut operating costs and investment, as well as sell assets or seek help from its parent company. On Tuesday, the group said the Walt Disney loan would help bring down its debt interest expenses by 45 million euros. Euro Disney added that as of September 30, its debt would amount to 1.7 billion euros.