Cirque du Soleil and Secured Creditors Near Rival Bid for Troupe
Entertainment
Asharq Al-AwsatCirque du Soleil and its secured creditors are close to reaching a agreement on a second stalking horse bid for the financially strapped entertainment group, after lenders opposed a deal with shareholders including TPG Capital and Fosun International, a Canadian court heard on Friday. Canada’s once high-flying Cirque has received protection from creditors as it restructures after the COVID-19 pandemic forced it to cancel shows and lay off artists. The Montreal-based entertainment company filed for bankruptcy in late June. Details about the rival bid by secured creditors, which sets the low-end bar for buying the company’s remaining assets, were not disclosed by the parties involved in the dial-in hearing on Friday. Details are expected to be presented in court next week pending approval from the Cirque board. Lenders had previously dismissed a stalking horse bid from a group of investors, including private equity firm TPG, and Fosun, a Canadian pension fund and a Quebec government body as inadequate. The lenders would end up getting a 40% stake in the restructured Cirque, under the TPG consortium’s proposal. Any stalking horse bid would require court approval. Cirque had almost $1.5 billion in liabilities as of December 2019.
from Asharq AL-awsat https://english.aawsat.com/home/article/2382296/cirque-du-soleil-and-secured-creditors-near-rival-bid-troupe
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