Imax Corp and French exhibitor EuroPalaces have signed an agreement to open an Imax 3D cinema at Disneyland Resort Paris, the 47th Imax cinema in Europe.

The facility, which will be located within Disney Village and is set to open in June 2004, is expected to showcase Imax DMR films, that is, large-format adaptations of conventional 35mm live-action films.

Last week Imax announced it is exchanging $22m in debt for 2.9 million common shares of the company. The action will reduce overall debt by nearly 20% to $178m. In less than two years the company has reduced its total debt by more than 40%.

EuroPalaces, one of the largest exhibitors in Europe, was formed by the 2002 merger of Gaumont and Pathe chains. It currently operates the 15-screen Gaumont Disney Village multiplex.