Euro Disney Audit Given to Bankers

A long-awaited audit on the ailing Euro Disney theme park was submitted Monday to a committee representing 60 banks that have lent money to the park.

Euro Disney’s bankers, which have named nine banks to represent them in debt talks with the park’s U.S. parent, Walt Disney Co., commissioned the audit by KPMG Peat Marwick last year.

Euro Disney, with $3.58-billion in debt, has said it is facing serious cash problems and is being financially supported until March 31 by Walt Disney Co.

The bankers and Disney are trying to find a way to ease Euro Disney’s debt burden by that deadline. The audit report will serve as a basis for negotiations.

One source close to the talks said the report, which was rather positive for Euro Disney, had been commissioned to analyze Euro Disney’s past and examine debt restructuring proposals by Walt Disney Co. that were made in November and rejected by the banks waiting for the audit.

The bank committee could not say Monday when another meeting of the bankers will take place.