Billionaire’s Group Loses 20% Stake In Cirque du Soleil

Fosun International Ltd. is poised to lose its 20% stake in Cirque du Soleil Entertainment Group, the latest in a series of failed overseas deals for the Shanghai-based insurance, health care and tourism conglomerate, Bloomberg News reported. A consortium of Montreal-based Cirque du Soleil creditors is set to take control of the struggling circus operator, people familiar with the matter said. The company filed for bankruptcy protection in June as the Covid-19 pandemic slammed its distinctive global chain of musical, acrobatic shows. Under a deal that still requires Canadian court approval, TPG Capital, which owned about 60%, would also see its investment wiped out. The mounting failures underscore risks for Fosun, which took in 45% of its revenue from overseas last year, amid a global health crisis and mounting U.S.-China trade tensions. Read more