Circus creditors on the way to take control of the company

Circus creditors on the way to take control of the company

© Provided by The Canadian Press

MONTREAL – A group of Cirque du Soleil creditors is probably in the process of taking over the entertainment business, which would rule out the Quebec presence within the shareholding of the troupe founded in 1984.

There is no indication that a rival bid will be filed before the 5 p.m. deadline on Tuesday, according to documents filed with the court under the Company Creditors Arrangement Act (CCAA) process.

The trio of Cirque shareholders, the Texan fund TPG Capital, the Chinese firm Fosun and the Caisse de depot et placement du Québec (CDPQ), did not comment on the process on Tuesday morning.

Last month, the offer from secured creditors, led by Toronto-based Catalyst Capital Group, valued at over US $ 1.2 billion, was accepted as the seed bid – which sets the minimum conditions to be met for the filing. possible rival proposals – by the court.

Unable to generate revenue after canceling its 44 shows around the world due to the health crisis caused by the COVID-19 pandemic, the Circus turned to the CCAA at the end of June, which led to the dismissal of some 3,500 employees.

Any rival proposal must be at least US $ 1.5 million greater than the agreement with the Circus lenders. The latter notably propose to inject up to US $ 375 million in new money. The company’s debt, which is currently over US $ 1 billion, would be reduced to some US $ 300 million.

The creditors reached an agreement with Cirque after signaling that they opposed the purchase agreement that had been announced between the company and its shareholders.

For Quebeckers’ socks and the Fonds de solidarité FTQ, the adventure ends in a fishtail. The CDPQ, which bought the remaining stake of billionaire Guy Laliberté no later than last February at a cost of US $ 75 million, wrote off its investments valued at US $ 170 million. The Fund has also confirmed that it will not revisit the color of the US $ 30 million loaned to Cirque last year.

The Canadian Press

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