File - Debt-laden Euro Disney’s stock price is plunging after it announced a plan for its parent company to inject 1 billion euros to try to boost its finances.
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More than 8,000 people signed a petition last year on Change.org urging Walt Disney Co.A rescue package unveiled Oct. 6 will give Disneyland Paris and its sister park Walt Disney Studios at least 1 billion euros ($1.3 billion) over 10 years to add attractions and spruce up grounds. In the past five years, Euro Disney has spent more than 500 million euros, according to Burbank, California-based Walt Disney, the world's largest entertainment company.Attendance is forecast to fall about 5 percent this year to 14.2 million guests, the company said Oct. 6 .Euro Disney is tapping current investors, including Disney, for as much as 420 million euros through a rights offering. In addition, the California company is converting 600 million euros of debt into Euro Disney equity. Finally, Euro Disney is postponing principal payments on debt until 2024, freeing up as much as 800 million euros over 10 years. Euro Disney shares fell 1 percent to 3.09 euros at 12:46 p.m. in Paris, giving the company a market value of 120 million euros.
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