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  1. Michael is offline themeparX Top Investigator
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    Entertainment giant Paramount Global is suing its former partner in a stalled London theme park project partly based on some of its biggest movies.

    The legal spat is the latest twist in a more than decade-long effort to build a theme park near London. A Paramount subsidiary is arguing a restructuring implemented this year by London Resort Company Holdings was unfair to the US media company and featured irregularities, according to court documents obtained by Bloomberg News.

    London Resort underwent a restructuring in April that gave creditors equity in exchange for money owed. Paramount voted against the deal as a creditor, but lost out as a majority of lenders were in favor. In proceedings at London’s High Court, the media firm is alleging debts that affected the vote were inflated and assigned to a third party in a “sham” transaction, and is demanding to see the documents that underpin those dealings.
    The company restructured through a process known as a company voluntary arrangement (CVA) in April, a form of insolvency proceeding that requires the consent of three-quarters of creditors. The vote saw 76.7% of creditors in favor of the restructuring, according to a document on the UK’s Companies House website.

    Paramount Licensing Inc. was one of the few to vote against. It “questioned the fact that there was purportedly a dramatic increase in the Company’s debts in 2022 to £100 million,” a lawyer for the company wrote in a skeleton argument obtained by Bloomberg News. “The company’s accounts stated that any inter-company loans were interest free.”

    London Resort is ultimately owned by Kuwait’s Al-Humaidi family, through UK and Isle of Man holding companies. Among the creditors connected to London Resort and the Al-Humaidi family who voted in favor of the restructuring was Ebbsfleet United FC, a Kent football club owned by the family’s holding companies. The more indebted London Resort is to the Al-Humaidis and connected entities, the more voting power those parties would have.

    London Resort said that debts from an Al-Humaidi holding company had a 12% interest rate, when asked about the increase in the size of debts. This “is in line with the market for non-secured loans,” the firm said in an emailed response to Bloomberg issued through its lawyer.
    Paramount is owed $13.9 million by London Resort over a breach in contract, having been awarded the sum in arbitration proceedings and subsequently having obtained a high court judgment on the award, according to legal documents.
    Source: https://www.bloomberg.com/news/articles/2023-11-08/london-s-2-5-billion-disney-style-theme-park-sued-by-paramount

  2. CarlySX is offline themeparX Top Investigator
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    The company behind plans to develop a Disneyland-style theme park has called in financial administrators. London Resort Company Holdings (LRCH) is hoping to build the controversial £2.5 billion London Resort attraction on the Swanscombe Peninsula near Dartford.
    A spokesman for LRCH confirmed adminstrators have been appointed after building up £100 million debts and the company will enter a period of financial restructuring through a Company Voluntary Administration (CVA). They said this will enable the company to reorganise its creditors and aims to convert those owed money into shareholders "ensuring the long-term surety of the company".

    The project remains ongoing and the spokesman added LRCH has "continued commitment to the delivery of jobs and regeneration" on the peninsula.
    Source: https://www.kentonline.co.uk/dartford/news/amp/company-behind-2-5bn-theme-park-calls-in-administrators-283986/

  3. At this point would it not be easier for them to find a new area of land to build this project?

  4. Michael is offline themeparX Top Investigator
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  5. Michael is offline themeparX Top Investigator
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    The London Resort has today confirmed that the Project will submit a planning application within 2023. They have also confirmed that the footprint of the project no longer proposes to spread across the entirety of the Swanscombe Peninsula rather on parts of it, taking into account Natural England's SSSI designation and have further reshuffled the board.

    PY Gerbeau has decided to step back from his role as fulltime CEO of LRCH following the withdrawal of the DCO application earlier this year. PY's contribution and insight has been greatly appreciated and we look forward to him continuing to advise the Project as he pursues his portfolio career.

    Steve Norris, Chairman of LRCH said: "I've had the pleasure of working with LRCH for more than a decade now. Progress has not been easy or straightforward. We have faced a number of issues which have delayed us including a designation by Natural England as a SSSI, and being forced to revise our entire transport strategy. PY was a great leader and we are very grateful to him for his contribution. He helped us develop our business plan and brought some great insight into the history of the leisure industry."

    "What I am pleased to confirm, is that following a comprehensive review and total change of the approach the project will undergo further financial restructuring in Q1 2023 and will thereafter be on a firm footing to move forward. It will be funded, has a realistic and deliverable business plan and compelling partnerships with global brands. It's time to move forward at pace with our new application.

    "We have benefitted from a first-class team at the London Resort, but after this tumultuous year, it's time for a comprehensive reset and refocus. We will be changing the proposals significantly, but remain wholly committed to delivering in Swanscombe. There is huge scope for exciting destination leisure development and we will share more as we move forward next year."

    Other changes to the Board include the departures of Alan Crane and Ahmed Al Aiban who we thank for their time with us.
    Source: https://salonmickey.wordpress.com/2022/12/22/london-resort-sees-management-changes-and-reduced-planning-application-for-2023/

  6. Andy Martin, a spokesman for London Resort said: “The team at the London Resort remains committed to bringing forward revised proposals in 2023.”
    https://www.kentonline.co.uk/dartford/news/legal-bid-to-shut-down-2-5bn-theme-park-firm-dismissed-278862/

  7. Michael is offline themeparX Top Investigator
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    London Resort Company Holdings' in-house design division, London Resort Design Group, will be struck off the register of UK incorporated companies and dissolved within a month or so because accounts are overdue.

    Sources: https://find-and-update.company-information.service.gov.uk/company/12863971 and https://find-and-update.company-information.service.gov.uk/company/12863971/filing-history/MzM0NzAyMzE3NGFkaXF6a2N4/document?format=pdf

  8. Michael is offline themeparX Top Investigator
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    PY Gerbeau said: “In the best interests of the London Resort, we are withdrawing the current application; as a result of the classification of Tilbury as a Freeport which has meant revisions are required in moving the ferry terminal from Tilbury to Grays. We are working closely and collaborating with Thurrock Council on that matter.

    “This issue, combined with the decision by Natural England to designate a brownfield contaminated site as a SSSI has impacted the project. We in turn have acquired significant land holdings as part of our mitigation strategy combined with our commitment to spend £150m on environmental improvements on the peninsula. These changes are considered material and as such require withdrawal and resubmission.

    “We have repeatedly petitioned for latitude, extensions of time and of course understanding from the Examining Authority and the Planning Inspectorate. Their teams have been extremely supportive, but we recognise that the best route for the Project is through withdrawal and resubmission of a fresh DCO application within this calendar year.

    “We will continue our engagement with the local community, statutory bodies, landowners and others to make sure we can reach as many agreements as possible before resubmission. Make no mistake we are still 100% committed to this amazing project and we will resubmit before the end of 2022 and look forward to delivering a world class entertainment resort – the UK deserves better and we will make it happen!”
    Source: https://londonresort.info/news/london-resort-planning-application/

  9. TediousTotoro is offline Senior Park Investigator
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    It’s interesting that they use a render of a velociraptor from Jurassic World because the original Dinotopia books are about a society where humans and dinosaurs live together in peace so an aggressive dinosaur doesn’t really fit in context.

  10. Michael is offline themeparX Top Investigator
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    The Dinotopia area concept art that I shared back in November has been posted on another website and it's cropped differently displaying more of the full image:



    I combined this version with November's version to get the almost full version of the concept art:



    Source: https://www.farrbury.com/LondonResort_ArmillaCapital_EmailLPage/ via https://ignoble-experiment.blogspot.com/2022/03/invest-in-london-resort-from-50k-find.html

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