The deal has been agreed with The Walt Disney Company, Caisse des Déspôts et Consignations and a steering committee of its other lenders.

The deal is subject to the approval of all lenders by 31 July.

Providing it is successful in achieving full approval and the subsequent restructuring, Euro Disney has said it will begin to design new rides and attractions for the Walt Disney Studios and Disneyland theme parks at the Paris resort.

Chair and chief executive, André Lacroix, said: “We are extremely pleased to have reached this very important milestone. This Memorandum of Agreement embodies the essential elements for Disneyland Resort Paris to pursue its long-term growth strategy, including capital for asset additions.”

The company has stated however that if approval is not obtained and the lenders demanded immediate repayment for money owed, Euro Disney would not be able to pay.

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