NEWS: Disney Files Financing Statement Involving Company Operating Restaurants in EPCOT’s Morocco Pavilion

Earlier this year, Tangierine Cafe at the Morocco pavilion in EPCOT temporarily closed.

Morocco’s festival booth for the 2020 Taste of EPCOT International Food & Wine Festival, however, has remained open, as have other areas within the pavilion. But, now, we’ve spotted some more news relating to the Morocco pavilion.

Earlier today, we saw that this State of Florida Uniform Commercial Code Financing Statement Form was filed. We found it by searching in the Orange County, Florida public records.

The Financing Statement lists Walt Disney Parks and Resorts U.S., Inc. as the secured party, and Marrakesh Moroccan Restaurant, LLC as the debtor. It specifies that the collateral covered by the financing statement includes “All goods, inventory, the Furnishings, and all other items of personal property belonging to Debtor which are or may be put into the Facilities and all proceeds of the foregoing.”

The “Facilities” are defined as “all restaurants, cafes, quick service restaurants, retail areas, concession areas, kiosks, hostess stands, back-of-house areas, storage areas, office areas and any other areas upon which Debtor conducts business located at the Morocco Pavilion at Epcot Theme Park.”

According to a publication from the Barry Law Review, “In order for creditors to create a security interest in a debtor’s collateral that will grant them priority in collection rights over any subsequent creditors, they must ‘perfect’ their security interest.” Secured creditors generally achieve this “perfection” by  “publishing or giving notice to third parties that a party already has a security interest in a piece of collateral.” Secured creditors can perfect their security interest by filing a financing statement.

Thus, it seems Disney has, through an arrangement entered into it with Marrakesh Moroccan Restaurant, LLC, obtained a security interest in some collateral pledged by Marrakesh to secure the debt or obligation it owes to Disney. Now, Disney has filed this Financing Statement to provide notice to others of its security interest in these goods, inventory, etc., which may be utilized if Marrakesh does not pay the debt it owes to Disney.

We’re not sure exactly what loan or other security agreement or arrangement between Disney and Marrakesh led to the creation of Disney’s security interest in the collateral and, ultimately, the filing of this Financing Statement, but we’ll keep an eye out for more news on this situation and let you know what we find.

Have you ever visited the Morocco pavilion in EPCOT? Let us know your favorite part of that pavilion in the comments!

Join the AllEars.net Newsletter to stay on top of ALL the breaking Disney News! You'll also get access to AllEars tips, reviews, trivia, and MORE! Click here to Subscribe!