Cirque du Soleil accepts recapitalisation offer from creditors
[MONTREAL] Cirque du Soleil accepted a recapitalisation offer from its creditors on Thursday, after an earlier deal with shareholders including TPG Capital and Fosun International was dismissed by lenders.
Creditor Catalyst Capital Group said the entertainment company had accepted its "stalking horse bid" for its assets.
A "stalking horse" bid is an opening offer that other interested bidders must surpass if they want to buy the company.
The deal will inject up to US$375 million into the financially-strapped Cirque du Soleil, a source familiar with the matter said.
The Montreal-based company, which grew from a troupe of street-performers in the 1980s to a company with global reach, has slashed about 95 per cent of its workforce and suspended shows due to the pandemic. The company filed for bankruptcy protection on Monday.
REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Cordlife customers push for legal action
France's Casino supermarket chain to axe up to 3,200 jobs
Prada outshines rivals with 16% revenue lift boosted by Miu Miu
Toymaker Hasbro posts quarterly profit beat, slower sales decline