By Daniel Hunter
Euro Disney's share price has taken a tumble this morning after reports of a €1 billion refinancing package from Walt Disney.
Walt Disney will inject €400m directly into Euro Disney, which runs the Disneyland Paris theme park, with around €600m of debt being converted into shares.
The move comes to combat falling visitor numbers at Disneyland Paris and falling spending. More than 275 million people have visited the theme park since it opened in 1992. But with visitors numbers dropping since the financial crisis, Euro Disney believes the finance package will allow it to invest in the business and boost numbers.
"Disneyland Paris is Europe's number one tourist destination, but the ongoing economic challenges in Europe and our debt burden have significantly decreased operating revenues and liquidity," said Tom Wolber, president of Euro Disney.
Investors reacted badly to the news, with share prices falling as much as 20% in early trading.
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