EURO DISNEY S.C.A. Euro Disney announces Finalization and Signing of Legal Documentation for its
Financial Restructuring (Marne-la-Vallée, December 2, 2004) Euro Disney S.C.A. (the "Company"),
operator of Disneyland Resort Paris, reported today that the Company and other
entities of the Euro Disney Group, The Walt Disney Company ("TWDC"), Caisse des
Dépôts et Consignations and the Company's other lenders have finalized and
signed the legal documentation called for by the previously announced
memorandum of agreement ("MOA"), which became effective September 30, 2004.
Most of the terms of the MOA, including the continued waiver of certain debt
covenants for fiscal years 2003 and 2004 and the final documentation, remain
subject to certain conditions including the condition that the Company, subject
to shareholders' approval, complete a capital increase for at least Euro250
million in the form of an offering of shares of the Company with preferential
subscription rights of the shareholders maintained. The Company has until March
31, 2005 to complete such capital increase. Absent that, the Company, TWDC and
the Group's other lenders would have thirty days after March 31 to negotiate a
new waiver of debt covenants and reach a new agreement on a financial
restructuring. Absent such a waiver and agreement, the Company would then be
unable to meet all of its debt obligations.
The annual shareholders' meeting of the Company will take place on December 17,
2004, in the form of a combined ordinary and extraordinary meeting, and will
address approvals of certain transactions called for by the MOA including the
legal reorganization contemplated therein as well as the abovementioned capital
increase.
Corporate Communication Investor Relations Pieter Boterman Sandra Picard-Ramé Tel: +331 64 74 59 50 Tel: +331 64 74 56 28 Fax: +331 64 74 59 69 Fax: +331 64 74 56 36 e-mail: pieter.boterman@disney.com e-mail: sandra.picard.rame@disney.com Code ISIN: FR0000125874 Code Reuters: EDL.PA Sicovam: 12 587 Code Bloomberg: EDL FP Euro Disney S.C.A. and its subsidiaries operate the Disneyland Resort Paris
which includes: Disneyland Park, Walt Disney Studios Park, seven themed hotels
with approximately 5,800 rooms (excluding 2,033 additional third-party rooms
located on the site), two convention centres, Disney Village (a dining,
shopping and entertainment centre) and a 27-hole golf facility. The Group's
operating activities also include the management and development of the
2,000-hectare site, which currently includes approximately 1,000 hectares of
undeveloped land. Euro Disney S.C.A.'s shares trade in Paris (SRD), London and
Brussels.
Management believes certain statements in this press release may constitute
"forward-looking statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. These statements are made on the basis of
management's views and assumptions regarding future events and business
performance as of the time the statements are made. Actual results may differ
materially from those expressed or implied. Such differences may result from
actions taken by the Company, as well as from developments beyond the Company's
control, including changes in political or economic conditions. Other factors
that may affect results are identified in the Company's documents filed with
the U.S. Securities and Exchange Commission.
This press release is not an offer to sell or a solicitation to buy any
securities in the rights offering and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation or
sale is unlawful. The rights offering will be made only by means of an offering
document complying with the applicable securities laws of the jurisdiction or
jurisdictions in which such rights offering shall be made. The securities
offered in the rights offering have not been and will not be registered under
the United States Securities Act of 1933 and may not be offered or sold in the
United States or in any other jurisdiction absent registration, an applicable
exemption from registration requirements or qualification under the applicable
securities laws of such jurisdiction.
END
|