Disneyland Paris Resort and its operating company Euro-Disney SCA have spent years on a carefully crafted plan to eliminate some of the mountains of debt the resort was left with after opening with too many hotels. For a while they ran into a circle of an austere budget impacting maintenance and show, which resulted in a decrease in attendance, which turned into the banks demanding more austerity. That resulted in some unhealthy attitudes about the park in the eyes of the public. Thankfully, DLPR is at a place now where they can convince the banks that a certain amount of growth and maintenance is required just as a baseline to draw in new guests.
Plans for a new Ratatouille ride at Disneyland Paris’ Walt Disney Studios park leaked back in April of 2011, but it took until now for the banks to approve the 150 million euro price for the attraction and the mini-land that will come with it.
As you can see above, the concept art is gorgeous. This is the sort of detailed place making that will help WDS grow and continue to draw guests for an extended stay at DLPR. The new Ratatouille ride is rumored to be a trackless ride system based on the Winnie the Pooh Honey Pot ride in Tokyo Disney. Together with the Cars, Nemo, & Toy Story area, there will be a whole emphasis on Pixar in the park. Should be exciting.
The full press release is below the cut:
Euro Disney S.C.A. (the “Company”), parent company of Euro Disney Associés S.C.A., operator of Disneyland® Paris (together the “Group”), announces that, on January 6, 2012, it has obtained an additional standby revolving credit facility (the “Additional Facility”) of € 150 million from The Walt Disney Company. This Additional Facility expires on September 30, 2018 and was advanced in connection with the approval from its lenders to increase the Group’s investments by up to € 250 million. These investments correspond to the annual recurring investment budget for fiscal year 2012 and a multi-year expansion of the Walt Disney Studios® Park, which includes a new attraction. The Additional Facility is separate from the € 100 million existing standby revolving credit facility (the “Existing Facility”), which expires on September 30, 2014 and is still undrawn. The other terms and conditions of the Additional Facility are substantially the same as the Existing Facility.
Although no assurances can be given, the Group believes it has sufficient funds to finance these and other necessary investments and repay its borrowings consistent with the scheduled maturities, based on its existing cash position, liquidity from the Existing Facility and the benefit of certain conditional deferrals permitted under the Group’s existing debt agreements.”