Euro Disney Creditors Weigh Restructure; Stock Plunges

Creditors of Euro Disney, the troubled theme park in which Walt Disney Co. has a major stake, discussed a restructuring Wednesday as the company’s shares lost nearly 19% of their value.

On the Paris market, Euro Disney stock fell to a record low of $4.61. But on the New York Stock Exchange, Walt Disney’s shares were unaffected, edging up 12.5 cents to close at $39.

Disney has a 49% stake in Euro Disney as part of the original agreement with the French government, which limited Disney’s holdings to less than 50%. Disney receives fees for operating the park, and its liability for covering losses is limited under its agreement with Euro Disney. The park opened in April, 1992.

A bank official in Paris said Euro Disney creditors are discussing whether to set up a group to oversee a restructuring of the firm’s debt of $3.56 billion.

The official said one of Euro Disney’s main bankers, Banque Indosuez, would probably manage the restructuring.