Cirque du Soleil Reaches Purchase Deal With Secured Lenders

Cirque du Soleil Entertainment Group said on Thursday it reached a new purchase agreement with its secured lenders, in a move that would help kick-start the bidding process for the financially strapped circus troupe, Reuters reported. The Cirque said in a statement that it entered into a new “stalking horse” purchase agreement with its first-lien and second-lien secured lenders, confirming earlier reports. The Montreal-based Cirque, which grew from a troupe of street-performers in the 1980s to a company with global reach, has slashed about 95% of its workforce and suspended shows due to the COVID-19 pandemic. The creditors’ agreement replaces an earlier deal with Cirque shareholders including TPG Capital and Fosun International Ltd which included debt financing from a Quebec government body. Read more