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Creditors suspend terms of Hong Kong Disney loan
November 8, 2007 / 9:40 PM / in 10 years

Creditors suspend terms of Hong Kong Disney loan

LOS ANGELES, Nov 8 (Reuters) - The Walt Disney Co (DIS.N) has reached an agreement with creditors of its Hong Kong Disneyland joint venture to remove the debt covenants on a $293 million commercial loan for a year while it tries to boost attendance at the resort, Chief Financial Officer Tom Staggs said on Thursday.

Disney has said it will continue to invest in the park, which has missed its attendance goals for two years running, and Staggs said the company will forgo royalties for “a couple of years” as part of that investment. (Reporting by Gina Keating, editing by Leslie Gevirtz)

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