Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, February 3, 1994 TAG: 9402030174
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE: Associated Press
DATELINE: PARIS LENGTH: Medium
The company, which runs the Euro Disneyland theme park 18 miles east of Paris, said it lost $93.7 million in the three months ended Dec. 31, in contrast to a loss of $71.7 million in the 1992 period.
Revenue for the quarter fell to $140 million from $160 million a year ago.
Despite reduced revenues, Euro Disney said its operating loss remained unchanged from the previous year, reflecting reduced operating costs.
Euro Disney previously reported it lost $905 million for its first full fiscal year of operation ended Sept. 30.
The park, which opened in April 1992, said attendance was on track, but people were spending less money and fewer were staying at Euro Disneyland's hotels than expected.
When Euro Disney officially published its accounts in December, it included a statement from auditor Price Waterhouse warning that the company might be unable to continue as a going concern if the pending financial restructuring were not completed.
Walt Disney Co. chairman Michael Eisner has said anything was possible, including closing the park.
Euro Disney SCA is 49 percent owned by Walt Disney Co., the U.S.-based parent firm that was set up to build and operate the theme park and resort.
In another development, a committee representing about 60 creditor banks was given the green light Wednesday to proceed with restructuring talks with Walt Disney Co., according to a statement by the panel.
Representatives of the banks, who together hold roughly two-thirds of the $3.5 billion Euro Disney debt, made the decision after hearing the results of an independent audit. No details were made public.
Walt Disney Co. and the banks are to decide how much each side would have to concede to keep the park running.
by CNB