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A group of creditors will take control of Cirque du Soleil

2020-08-19T05:31:07.282Z


A group of Cirque du Soleil creditors announced Tuesday, August 18 that it would take control of the heavily indebted Canadian troupe, its bid to have been deemed the best after a late auction. of the day. The suitors had until late Tuesday afternoon to submit a proposal superior to that of a dozen secured lenders led by the Canadian fund Catalyst Capital Group, the largest creditor. Read also: ...


A group of Cirque du Soleil creditors announced Tuesday, August 18 that it would take control of the heavily indebted Canadian troupe, its bid to have been deemed the best after a late auction. of the day.

The suitors had until late Tuesday afternoon to submit a proposal superior to that of a dozen secured lenders led by the Canadian fund Catalyst Capital Group, the largest creditor.

Read also: Cirque du Soleil accepts an offer to purchase from its creditors

The Circus, placed under the protection of the courts, said Tuesday evening not to have received an offer greater than that of the creditors, estimated at more than 1.2 billion US dollars (one billion euros), according to the media. Canadian. The creditors' offer will still have to be validated by the Quebec courts in the coming weeks.

Gabriel de Alba, Managing Director of Catalyst, welcomed this "great result for the Circus ", its employees, its artists and its partners, in an email received by AFP.

Now that the company's recent missteps are behind us, we look forward to closing the transaction quickly and supporting the company to rekindle the magic and artistry that has made Cirque du Soleil a creative force and iconic global brand , ”he commented.

679 acrobats and technicians unemployed

Born in Quebec in 1984, the troupe of acrobats had to cancel in March 44 productions around the world due to the coronavirus pandemic. It laid off 4679 acrobats and technicians, 95% of its employees. The majority of them were fired at the end of June when the group filed for court protection.

Read also: The Envolée cirque stopped in full swing

The agreement with the group of creditors, announced in mid-July, replaces the takeover bid that the Montreal-based circus concluded at the end of June with its current shareholders, the American funds TPG and Chinese Fosun, as well as the Caisse de deposit and placement of Quebec.

According to the Globe and Mail, the agreement provides that creditors will inject 300 to 375 million US dollars into the circus. The latter would also agree to reduce the circus's guaranteed debt from $ 1.1 billion to $ 300 million. Finally, the maintenance of the group's head office in Montreal would be guaranteed for at least the next five years.

Read also: The farewell tour of Cirque Plume, turned upside down by the coronavirus

Source: lefigaro

All news articles on 2020-08-19

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