Source : AFP for more details of the newsHONG KONG (AFP) — Hong Kong Disneyland has switched its hefty commercial loans to its US parent company, a spokesman said Wednesday, bringing the theme park a step closer to much-needed expansion.
The park, which recently celebrated its third anniversary in the southern Chinese city, has switched 3.3 billion Hong Kong dollars (423 million US) of loans and credit with banks to the Walt Disney Company, the spokesman said.
"Both the government and the Walt Disney Company are very happy we have come to this agreement," the spokesman told AFP.
"We can now focus on the further development of the park and more expansion."
Source : The Canadian PressHK Disney clears commercial loans
HONG KONG — Hong Kong Disneyland said Wednesday it has cleared its commercial loans of about HK$3.3 billion ($425 million) - thanks to the help from The Walt Disney Co., which provided a cheap financial arrangement.
The loan payment, which was due Tuesday, removed a significant obstacle in the theme park's expansion as it wiped out worries that Hong Kong Disneyland would have to refinance in an increasingly tight credit market and accept less favorable terms.
The repayment of a HK$2.32 billion ($299 million) loan and HK$1 billion ($129 million) revolving credit facility came after the Hong Kong government, which owns a 57 per cent take in the park, agreed to accept a cheaper financial arrangement from Disney, said a Hong Kong Disneyland spokesman, who declined to be identified citing company policy.
"Hong Kong Disneyland can now focus on its expansion plan," he said in a phone interview Wednesday.