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The Disneyland Report > Disney News > Euro Disney Stock Suspended Disney NewsEuro Disney Stock SuspendedPARIS - Euro Disney shares were suspended on Tuesday at the company's request, said pan European bourse operator Euronext, before the theme park operator is expected to make a statement on a restructuring plan. Debt-strapped Euro Disney has until Sept. 30 to win approval for a financial restructuring plan designed to save it from bankruptcy. The stock last traded flat at 0.32 euros. The European outpost of the U.S. Disney empire declined comment other than to say it would issue a statement later on Tuesday. It would not say when. "The company will surely give the details of its much-needed restructuring plan," said a Paris-based fund manager. "There will probably be details on what the banks have accepted and on the level of the capital increase." Euro Disney has been on the verge of bankruptcy since August 2003, when it said it was talking to its banks about restructuring debt totaling 2.4 billion euros ($3 billion). A restructuring became necessary after Euro Disney opened a second park, The Walt Disney Studios, on the doorstep of the original Magic Kingdom, which increased overheads but failed to bring in sufficient additional visitors. To read the rest of this article, click here.Return to Disney News. |
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