Cirque du Soleil Lenders Plan Formal Bid to Displace TPG Offer

Lenders to Cirque du Soleil Entertainment Group are working on an offer to replace the bid made by TPG and other shareholders of the company, which is restructuring under bankruptcy protection, Bloomberg News reported. The lenders are set to present a binding “credit bid” to a committee of Cirque’s board by Tuesday, a court hearing was told Friday. Credit bidding involves canceling outstanding debt as part of an offer to acquire a debtor’s assets. Cirque’s creditors have said previously they would also be willing to inject as much as $375 million to help the company restart. Montreal-based Cirque filed for protection in Canada last week after the coronavirus pandemic forced it to close shows around the world, triggering a fight for control of one of the best-known brands in live performance. Read more