CIAM accuses Disney of forcing out Minority Shareholders.

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Euro Disney S.C.A. investor hedge fund  Charity & Merger Arbitrage Fund managed by Charity Investment Asset Management (CIAM)  has written to individual members of the Disneyland Paris Supervisory Board  accusing the company of working with The Walt Disney Company to force out minority shareholders.

The Walt Disney Company  last month acquired a further 9%  stake in Euro Disney from Prince Alwaleed, the Saudi billionaire, at €2.00 a share, increasing its holding in the resort to 85.7%, and said it was offering the same price to shareholders  of the remaining shares.

Founded in 2009 by Catherine Berjal and Anne-Sophie d’Andlau, CIAM has long been critical of the scale of the royalty fees payable to The Walt Disney Company and has said that the €565 million depreciation in Euro Disney’s last accounts “would mean that the book value of the park is zero”.  The Euro Disney Group posted a record loss of €858 million last year.

CIAM  who are reported hold 1.4% of Euro Disney’s stock accuses Disney management of exploiting “a clear conflict of interest”, arguing that the write-down appears solely to facilitate the takeover bid.

Euro Disney and The Walt Disney Company have consistently dismissed the allegations as “utterly without merit”.

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Bob Iger confirms the best way forward for Disneyland Paris is for The Walt Disney Company to become the sole owner.

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The Walt Disney Company (TWDC)  held their  2017 Annual Meeting of Shareholders yesterday at the Bellco Theatre in Denver, Colorado.  The Notice of the 2017 Annual Meeting and Proxy Statement can be downloaded here.

During the meeting a shareholder who has held stock in TWDC for 40 years asked a question about the long term future of the company and the takeover of Euro Disney by TWDC during the Q & A session of the meeting.

The Shareholder said that he was aware “That the company is talking about trying to acquire all the stock they can to be the majority shareholder.  The shareholder continued “Paris is a beautiful park that needs a huge investment, to be the park it should be”.

Michelle Obama And Disney CEO Robert Iger Hold News Conference On Disney's Nutritional Guidelines

Chief Executive Officer Bob Iger replied on  the proposed takeover of Disneyland Paris by The Walt Disney Company:

“We did make an announcement that we are attempting to buy in what is left of the public ownership of the that entity.  It was a business structure that was set up when we opened that had public shareholders and separate trading stock”.

“We believe we the best path forward in terms of managing that businesses successfully and creatively by the way,  is for us to be the primary owners, or the sole owners really of that business.  Because it will give us the ability to make the kind of investments we like to make to continue in its success”.

The Walt Disney Company announced its  proposed takeover of Disneyland Paris on 10 February 2017.  If the deal is approved by the French financial regulators  Autorité des marchés financiers (AMF).  Shareholders will be offered a cash price of €2.00 per share.

Last month Disney increased their stake in Euro Disney to 85.7% following the acquisition of 90% of  the Kingdom Holding Company’s investment in the resort.

Disney will be filing with the AMF their draft offer document on 29 March 2017.  The AMF is expected to make their decision on the proposal on 19 April 2017.

If the deal is approved a cash tender offer will launch on 21 April and will close on 19 May 2017, during this time Euro Disney shareholders will have the opportunity to sell their shares to TWDC for €2.00 per share.

Once the tender offer is completed and if Disney has acquired 95% of Euro Disney they will then commence a mandatory buy-out of the remaining Euro Disney  shareholders forcing them sell their shares to The Walt Disney Company.

The future of Euro Disney and last years results will be discussed at this years Euro Disney S.C.A. Annual General Meeting which will be held on 31 March 2017 at Disney’s Hotel New York Convention Centre at Disneyland Paris.    The future of the Euro Disney  Shareholders Club will also be announced at the meeting.

All shareholders of Euro Disney S.C.A. are entitled to attend the AGM and information about how to attend can be found here.

You can listen to the full audio webcast of yesterday’s Walt Disney Company Shareholders Meeting here:

The Walt Disney Company Announces its Intention to Launch a Tender Offer for all Remaining Euro Disney Shares and a mandatory buy-out if the 95% threshold is reached.

TWDClogoLogo_Euro_Disney_SCAThe Walt Disney Company released a  Press Statement this morning advising of Disney’s intention to purchase all the remaining shares in Euro Disney S.C.A. and support a recapitalization of up to €1.5 billion for the Euro Disney group of companies to enable the Group to continue implementation of improvements to Disneyland® Paris, reduce debt and increase liquidity.


– The Walt Disney Company (“Disney“) announces the acquisition of 90% of Kingdom Holding Company’s (“Kingdom”) interest in Euro Disney S.C.A. (“Euro Disney”), representing 9% of Euro Disney’s outstanding shares.

– The proposed transaction will increase Disney’s interest in Euro Disney to 85.7% from 76.7%.

– The price for the transaction is €2.00 per share and will be paid in shares of Disney common stock.  

Disney also announces its intention to make a cash tender offer for all remaining outstanding shares of Euro Disney at a price of €2.00 per share, representing a 67% premium to Euro Disney’s trading price at its close on February 9, 2017.

– Subsequent to the completion of the tender offer, Disney is committed to support a recapitalization of up to €1.5 billion for the Euro Disney group of companies (“Group”) to address the Group’s financial needs.

PARIS, Feb. 10, 2017 – Today The Walt Disney Company (“Disney“) announced that it will acquire through one of its subsidiaries 90% of Kingdom Holding Company’s (“Kingdom”) shares in Euro Disney S.C.A. (“Euro Disney”) at a price of €2.00 per share, increasing its interest in Euro Disney to 85.7%.  Disney also announced that this subsidiary intends to make a cash tender offer for all remaining outstanding shares of Euro Disney at a price of €2.00 per share, representing a 67% premium to the trading price at the close on February 9, 2017.  Moreover, Disney has informed Euro Disney that it is committed to support a recapitalization of up to €1.5 billion for the Euro Disney group of companies (“Group”) to enable the Group to continue implementation of improvements to Disneyland® Paris, reduce debt and increase liquidity.

As previously reported by Euro Disney, despite the recapitalization announced in 2014 that enabled the Group to make attraction and hotel improvements which have generated positive guest feedback and set the stage for the Resort’s 25th Anniversary celebration this year, the Group’s financial condition has been significantly and negatively impacted by the November 2015 events in Paris and the challenging business conditions that continued through 2016 in France and throughout Europe.  The comprehensive proposal announced by Disney affords maximum flexibility to shareholders, addresses the Group’s financial needs and reflects its ongoing support for the long-term success of Disneyland® Paris.

Euro Disney’s Supervisory Board has expressed its support of these developments, and its interest in evaluating this proposal.  The Board has asked its audit committee, which is comprised solely of independent members, to make a recommendation for the appointment of an independent expert to deliver a fairness opinion in connection with the proposed tender offer.

Transaction Details:
The acquisition of Euro Disney shares will occur through an off-market block trade and is scheduled to close on February 15, 2017.  The purchase price of €2.00 per share will be paid in shares of Disney common stock, based on Disney’s closing price on the New York Stock Exchange on February 14, 2017 and the Euro-U.S. exchange rate published by the European Central Bank on the same day.  The seller will be Kingdom 5-KR-11, Ltd, a subsidiary of Kingdom, and the purchaser will be EDL Holding Company, LLC (“EDL”), a wholly-owned subsidiary of Disney through which Disney historically has held its interest in Euro Disney.  As a result of this transaction, Kingdom’s ownership interest in Euro Disney will decrease from 10.0% to 1.0%.

In connection with this transaction, EDL intends to make a voluntary tender offer for all of the Euro Disney shares not already owned by Disney subsidiaries at a cash price of €2.00 per share.  If EDL and the other Disney subsidiaries acting in concert with it collectively own at least 95% of Euro Disney’s common shares following completion of the voluntary tender offer, EDL will promptly proceed with a mandatory buy out and delisting of the Euro Disney shares from Euronext Paris.  An indicative timetable is attached to this press release.

Disney has also informed Euro Disney that it is committed to support a recapitalization of up to €1.5 billion as described below:

–  If Euro Disney remains a listed company, Disney would expect the recapitalization to take the form of a subscription by the applicable Disney subsidiaries of their pro-rata share of a €1.23 billion rights offering by Euro Disney together with a backstop of (and at the same price as) the rights offering by one or more of such subsidiaries, ensuring that Euro Disney will be able to raise the full amount contemplated by the rights offering, combined with a direct €270 million cash investment in equity at the level of Euro Disney Associés S.C.A., the main operating subsidiary of Euro Disney, and contribution of the proceeds of the rights offering by Euro Disney to Euro Disney Associés S.C.A. to maintain the ownership level of Euro Disney Associés S.C.A. by Euro Disney at its current 82%.  Proceeds would be used to enable the Group to continue implementation of improvements to Disneyland Paris, repay most or all of the Group’s indebtedness and increase liquidity.  The rights offering described above would be subject to the prior approval of Euro Disney’s shareholders at a shareholders’ meeting.

–  If Euro Disney is delisted, Disney would expect the recapitalization to be in the same amount and to also consist entirely of equity contributions to the Group, but the allocation of such contributions between Euro Disney and its subsidiaries could vary compared to what is described above.  The proceeds would be used for the same purposes as described above.

The proposed tender offer will be subject to review and clearance by the Autorité des marchés financiers of a Tender Offer Prospectus (Note d’information).  In addition, any rights offering will be subject to review and clearance by the Autorité des marchés financiers of an Offering Prospectus (Note d’opération).

About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise with the following business segments: media networks, parks and resorts, studio entertainment, and consumer products and interactive media.  Disney is a Dow 30 company and had annual revenues of $55.6 billion in its Fiscal Year 2016.

About Kingdom Holding Company
Founded in 1980, Kingdom Holding Company is a publicly traded company, which was listed on Tadawul (the Saudi Stock Exchange) in 2007.  Kingdom Holding Company is one of the world’s most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player regionally and internationally.

About Euro Disney S.C.A.
Euro Disney S.C.A. is the holding company for Euro Disney Associés S.C.A., the primary operating company of Disneyland® Paris.  Disneyland Paris is comprised of the Disneyland® Park, the Walt Disney Studios® Park, seven themed hotels with approximately 5,800 rooms (excluding approximately 2,700 additional third-party rooms located on the site), two convention centers, the Disney Village®, a dining, shopping and entertainment center, and golf courses.  Euro Disney S.C.A. is also responsible for the development of the 2,230-hectare property including and surrounding Disneyland Paris. Euro Disney S.C.A.’s shares are listed and traded on Euronext Paris.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the proposed tender offer, all statements regarding The Walt Disney Company’s or EDL Holding Company, LLC’s expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities, plans and objectives of management, and statements containing the words such as “anticipate,” “approximate,” “believe,” “plan,” “estimate,” “expect,” “project,” “could,” “would,” “should,” “will,” “intend,” “may,” “potential,” “upside,” and other similar expressions. Statements in this press release concerning the business outlook or future economic performance, anticipated profitability, revenues, expenses, dividends or other financial items, and product or services line growth of The Walt Disney Company or EDL Holding Company, LLC, together with other statements that are not historical facts, are forward-looking statements that are estimates reflecting the best judgment of The Walt Disney Company or EDL Holding Company, LLC based upon currently available information.

Such forward-looking statements are inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from The Walt Disney Company’s or EDL Holding Company, LLC’s expectations as a result of a variety of factors. Such forward-looking statements are based upon management’s current expectations and are subject to a significant business, economic and competitive risks, uncertainties and contingencies, many of which are unknown and many of which The Walt Disney Company or EDL Holding Company, LLC is unable to predict or control. Such factors may cause The Walt Disney Company’s or EDL Holding Company, LLC’s actual results, performance or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk factors discussed or identified in public filings that have been, or will be, made by The Walt Disney Company (or EDL Holding Company, LLC as the case may be) with the French Autorité des marchés financiers (the “AMF”) and/or the United States Securities and Exchange Commission (the “SEC”) from time to time. The Walt Disney Company and EDL Holding Company, LLC caution investors that any forward-looking statements made by The Walt Disney Company or EDL Holding Company, LLC are not guarantees of future performance. The Walt Disney Company and EDL Holding Company, LLC disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.

OTHER IMPORTANT INFORMATION

The documentation relating to the proposed tender offer – if filed – will include the terms and conditions of the tender offer, which will be submitted to the Autorité des marchés financiers. It is strongly recommended that investors and shareholders located in France read, when available, the documentation relating to the tender offer, as well as any amendments to those documents, as they will contain important information about The Walt Disney Company, EDL Holding Company, LLC, Euro Disney S.C.A. and the proposed transaction.

This press release must not be published, broadcast or distributed, directly or indirectly, in any country in which the distribution of this information is subject to legal restrictions. The tender offer will not be open to the public in any jurisdiction other than France in which its launch is subject to legal restrictions.

The release, publication or distribution of this press release in certain countries may be subject to legal or regulatory restrictions. Therefore, persons located in countries where this press release is released, published or distributed must inform themselves about such restrictions and comply with them. The Walt Disney Company, EDL Holding Company, LLC and Euro Disney S.C.A. disclaim any responsibility for any violation of such restrictions.

Tender Offer – Indicative Timetable

February 10, 2017

Press release announcing the intention of EDL Holding Company, LLC (the “Bidder”) to make a tender offer at €2.00 per Euro Disney share.

March 29, 2017

Filing with the AMF of the Bidder’s draft offer document.

Public posting of the Bidder’s draft offer document on the AMF’s website (http://www.amf-france.org) and on the website of Euro Disney (the “Company”) (http://corporate.disneylandparis.com).

Publication by the Company of a press release containing the main terms of the draft Offer on its website.

Filing with the AMF of the Company’s draft Response Document.

Public posting of the Company’s draft Response Document on the AMF’s website (http://www.amf-france.org) and on the Company’s website (http://corporate.disneylandparis.com).

Publication by the Company of a press release containing the main terms of its draft Response Document.

April 19, 2017

AMF’s clearance decision of the Offer, which will indicate the visa number of (i) the Offer Document and (ii) the Response Document.

Posting on the AMF’s and the Company’s websites of (i) the Bidder’s Offer Document, (ii) the Company’s Response Document, (iii) the “Other Information” document, containing legal, accounting and financial information regarding the Bidder and (iv) the “Other Information” document, containing legal, accounting and financial information regarding the Company.

Publication by the Company of a press release informing the public of the availability of (i) the Bidder’s Offer Document, (ii) the Company’s Response Document, (iii) the “Other Information” document, containing legal, accounting and financial characteristics of the Bidders and (iv) the “Other Information” document, containing legal, accounting and financial characteristics of the Company.

April 21, 2017

Opening of the Offer.

May 19, 2017

Last day on which the Offer is open.

June 1, 2017

Publication of a notice announcing the final results of the Offer by the AMF.

June 5, 2017

Settlement and delivery of the Offer.

Starting on June 12, 2017

If applicable, mandatory buy-out and Delisting.

Catherine Powell named Président of Euro Disney S.A.S replacing Tom Wolber

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Euro Disney S.C.A. today announced the nomination of Catherine Powell to the position of Président of Euro Disney S.A.S., the management company of both Euro Disney S.C.A., the holding company, and Euro Disney Associés S.C.A., the operator of Disneyland® Paris.

Catherine Powell will replace  Tom Wolber, who will return to the United States to take on operational responsibilities of the Disney Cruise Line.

“We are thrilled to welcome Catherine to Disneyland Paris,” said Karl Holz, president of New Vacation Operations and Disney Cruise Line. “Catherine has held a variety of senior leadership roles throughout the world for Disney, including in Australia and Europe, and has proven to be an exceptional leader who has the versatility and experience needed to lead the continued success of Disneyland Paris.”

Powell replaces Tom Wolber, who will return to the United States to take on operational responsibilities of Disney Cruise Line at a critical time for that business. Disney recently announced it is adding two additional ships to the Disney Cruise Line fleet. “Tom’s knowledge of shipbuilding is unparalleled, as he previously oversaw a number of complex expansion projects including the successful launches of the Disney cruise ships the Disney Wonder, Disney Dream and Disney Fantasy.

We are grateful for his many contributions in Paris and are anxious to have him back at the Cruise Line to oversee our latest expansion,” said Holz. “On behalf of my fellow Supervisory Board members, I would like to thank Tom for his thoughtful leadership of Euro Disney and his dedication to the resort, its Cast Members and all of the Guests who have visited Disneyland Paris,” said Virginie Calmels, chairman of Euro Disney Supervisory Board. “We are excited to welcome Catherine back to Europe and especially to Euro Disney and look forward to her continued success in her new role.”

Catherine Powell will begin her new assignment in July 2016. In the meantime, Tom and Catherine will transition the responsibilities to ensure continued commitment to the company’s long-term strategic priorities.

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British expat Catherine who studied at Oxford University currently serves as the company’s Managing Director for Australia and New Zealand and has more than 12 years of experience in global roles throughout Europe, the Middle East and Asia. In her most recent role, she has been responsible for leading all of Disney’s business divisions, overseeing global franchises, and expanding existing and new business in the region.

Powell previously led the Media Distribution division of The Walt Disney Company in Europe, Middle East and Africa. Previously, she served as Disney Media Distribution’s senior vice president, Sales – UK, Ireland, Nordic, Benelux and Israel; and prior to that, the executive director – Sales, UK and Ireland. Before joining Disney, Catherine worked for BBC Worldwide for seven years, where she held various senior TV sales roles across territories including Central and Eastern Europe, the Middle East, Germany and Spain/Portugal.

Powell is a Disney veteran who as Senior Vice President and General manager of Disney Media Distribution for The Walt Disney Company EMEA,  pioneered a single Walt Disney Company approach to delivering content across platforms.

She set pan-regional strategies for Disney’s branded channels, content and digital distribution for movies, television programming, games, music, e-books and apps. The company said Powell has a deep understanding of all of the Walt Disney Company’s brands, including Disney*Pixar, ABC Studios, Marvel and Disney.

As Managing Director for The Walt Disney Company in Australia and New Zealand, Catherine Powell reported to the Chairman of Walt Disney International, a company with revenues of $45 billion. She is responsible for driving the company’s strategy, coordinating and leading all company business divisions, overseeing global franchises, expanding existing businesses and seeking out new business opportunities.

In her time with Disney, Catherine has been at the forefront of change. She has promoted implementation of the company’s digital strategy and ensured Disney has kept pace with the latest technical developments. Catherine understands where the media and entertainment industry is now, where it is headed and the critical intersection of content and creativity with technology and platforms.

Catherine has demonstrated consistent leadership throughout her career, rising quickly through the ranks at the BBC and The Walt Disney Company. She started at the BBC as a sales executive and, within six years was leading Sales in the Middle East and Eastern Europe, including the development of local productions within the region. Catherine then moved to Disney, leading Sales in the UK and Eire before moving on to become General Manager, Media Distribution, for the region.

Catherine has mentored many women at all stages of their careers. Half of her direct reports are women, with many of those running major commercial areas for the company. Catherine is a member of the  CEO Forum in Austrailia and regularly speaks at women-focused events in the country.

Anti Dilution Mechanism to launch 12 October 2015

Logo_Euro_Disney_SCAThe Euro Disney S.C.A. Shareholders Club wrote to shareholders  yesterday to remind them of the commencement of the anti dilution mechanism part of the recapitalization plan which is scheduled to start on the 12 October 2015 and will last until 10 November 2015.

The anti dilution mechanism alows shareholders to purchase additional shares from Euro Disney at 1.25 per share prorata of what they owned on 20 February 2015.

The AMF annouced yesterday that The Walt Disney Company now own 82.15% of Euro Disney S.C.A.  with a holding of 643,497,755 shares held  via it’s three subsidiary companies EDL Holding Company, EDI SAS and EDLC SAS.

Here is a breakdown of the holding by TWDC:

EDL Holding Company – 31.90% – 249,897,755 shares
EDI SAS – 25,12% – 196,800,000 shares
EDLC SAS – 25,12% – 196,800,000 shares

The below is not for publication, release or distribution directly or indirectly in the United States of America, Canada, Australia or Japan.


Euro Disney S.C.A. reminds its shareholders of the possibility to exercise, under certain conditions, a right to acquire Euro Disney S.C.A.’s shares, following the mandatory simplified tender offer, within the framework of the recapitalization plan.

Following the completion of the Offer, and as the final step in the implementation of the Euro Disney S.C.A. group’s recapitalization plan as announced on October 6, 2014, shareholders having the status of Eligible Shareholders (as defined below) have now the possibility to exercise their rights to acquire Company’s shares (the “RAS”).

The “Eligible Shareholders” are the individuals or legal entities (other than EDL Holding, EDI S.A.S. and EDLC S.A.S.) having the status of  being a Company shareholder at each of the three following dates:

(i)    on January 16, 2015, i.e., on the last trading day preceding the opening of the subscription period of the capital increase with shareholders’ preferential subscription right maintained implemented during the first quarter of 2015 (the “Rights Offering”);

(ii)    on February 20, 2015, i.e., on the date of settlement and delivery of the Rights Offering; and

(iii)    on October 2, 2015, i.e., the day following the date of settlement and delivery of the Offer (on the positions on October 1, 2015 in the evening observable on October 2, 2015 in the morning).

  • As further described below, the number of RAS that will be granted to each Eligible Shareholder will be pro rata to its shareholding in the Company’s share capital.
  • The information regarding both the allocation and the exercise of the RAS will be provided to each Eligible Shareholder by its authorized financial intermediary.
  • For further information concerning the terms and conditions of both the allocation and the exercise of the RAS, please refer to the press release published today and available on the Company’s website: http://timon.disneylandparis.com/corporate/en (section: related documents)

TWDC increases ownership of Disneyland Paris to 80.20%

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At the close of trading on the Euronext yesterday (24 September 2015)  The Walt Disney Company had increased it’s ownership  of Euro Disney S.C.A.  to 80.20%.

The Walt Disney Company now own a total of 628,259,291 shares in Disneyland Pairs through their subsidiary the EDL Holding Company LLC.

This increase is a rise of 1.30% as of 12 August 2015 when TWDC held a  78.90% stake in the company.  A breakdown of Euro Disney shareholders as of 12 August 2015 is available here.

Source: APPAED (Association des Petits Porteurs d’Actions EuroDisney)

CIMA Court of Appeal decision to be announced on 8 September 2015.

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The Paris Court of Appeal will announce their decision on the case filed by the French hedge fund  Charity & Merger Arbitrage Fund (CIMA) against The Autorité des marchés financiers (AMF) [the French Financial Markets Authority]  on 8 September 2015.

The legal action which was filed in the Court of Appeal  on 9 April 2015 by CIMA against the decision made by the AMF to authorize the Euro Disney  cash  tender offer which is part of the recapitalization plan by The Walt Disney Company (TWDC) for the financially troubled Disneyland Paris resort.

According to CIMA the tender offer “completes an obvious situation of abuse of power in Euro Disney, which is not managed according to the common interest of its shareholders or even its own social interest. “

The AMF had previously indicated that the  cash tender offer was scheduled  to operate between the 2 April to 24 April 2015, but has been extended pending the decision of the Court of Appeal.  This extension enables Euro Disney shareholders the opportunity of selling their shares to TWDC under the offer at 1.25 euros per share until September.

At a hearing  held on Thursday 4 June 2015,  Mr. Julien Visconti representing CIMA, which owns less than 1% of Euro Disney said in a brief to the Court of Appeal and sent to AFP press agency. “that the offer is the culmination of a long process of abuse of power that allowed The Walt Disney Company to capture more than 1.5 billion of Euro Disney, or three-quarters of the two billion in cumulative losses since the beginning of the project “.

He continued “that the ‘ridiculous‘  prices offered as part of the offer (1.25 euros per share),  not take into account the fair value of Euro Disney property rights, and is barely a third of the net assets reassessed”,  according to Mr. Visconti citing a legal expert report.

Following the capital increase TWDC now own 78.90% of Euro Disney up 39.12%  from it’s original holding of 39.78% before the recapitalization started.

In April, the management of Euro Disney stated that the allegations made by the French hedge-fund CIMA were false and unfounded.

TWDC bailed out Euro Disney  in October 2014 by injecting more than a billion euros into the troubled theme park.  Crippled by debt since its opening in 1992, Euro Disney has already experienced financial restructuring in 1994 in 2004.