Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Midland to sell debt in Euro Disney

Rupert Bruce
Wednesday 12 January 1994 00:02 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

MIDLAND BANK has agreed to sell its Euro Disney loans for about 50 per cent of face value, according to sources in the secondary debt market, writes Rupert Bruce.

The sale is significant, coming so soon after the banks became aware of the scale of the theme park and hotel operator's problems in early November.

Midland's loans are said to be part of a Fr7bn ( pounds 793m) facility formed for the development and start-up costs of the Magic Kingdom theme park and secured on its assets. While Midland signed up to lend Fr187m, it is not clear how much has been used. However, the sale is said to be subject to documentation and due diligence, which means it may not be completed.

When asked to confirm or deny the sale, a Midland spokesman said: 'As far as we are concerned it is market speculation and we do not comment on market speculation.'

The preliminary version of KPMG Peat Marwick's audit of the company's financial position and capital requirements, commissioned by the banks, is due at the end of the week.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in