Indiantelevision.com's Kidology: Disney plans to invest on its ailing park in Hong Kong
   
 
 
 
 
 
Indiantelevision.com's Kidology
 
 
Disney plans to invest on its ailing park in Hong Kong
 
Indiantelevision.com Team
(24 November 2007 6:30 pm)
 

MUMBAI: Walt Disney Company has agreed to waive management fees to support its unprofitable Disneyland park in Hong Kong for two years.

The park which opened in September 2005 has been running in loses due to less attendance and spending from visitors.

The city government owns 57 per cent in the HongKong Disneyland and the rest is owned by Walt Disney.

The company also plans to make additional investments in the park, and is in discussions with the Hong Kong government regarding financing arrangements.

Hong Kong Disneyland had amended the agreements for its commercial term loan and revolving credit facility. Semi-annual performance covenants were removed from the loan agreements, while the loan maturity was moved from 26 October 2015 to 30 September 2008. The revolving credit facility was reduced to $129 million, stated a Reuter's report.
 
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