{"id":3583,"date":"2020-06-10T19:09:30","date_gmt":"2020-06-10T12:09:30","guid":{"rendered":"https:\/\/illume-emag.com\/?p=3583"},"modified":"2020-06-10T19:09:30","modified_gmt":"2020-06-10T12:09:30","slug":"cirque-du-soleil-creditors-vie-take-control-company-source","status":"publish","type":"post","link":"https:\/\/lavyon.com\/en\/cirque-du-soleil-creditors-vie-take-control-company-source\/","title":{"rendered":"Cirque du Soleil creditors vie to take control of company: source"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Creditors of Cirque du Soleil Entertainment Group led by private equity firm Catalyst Capital Group Inc made an offer on Monday to take control of the circus company through a debt restructuring in Canada, a person familiar with the matter said.<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3584 size-large\" src=\"http:\/\/lavyon.com\/wp-content\/uploads\/2020\/06\/download-1-1591681490-1024x722.jpg\" alt=\"\" width=\"696\" height=\"491\" title=\"\"><\/p>\n<p style=\"text-align: center;\"><em>Artists perform during Cirque du Soleil&#8217;s Crystal show in Riga, Latvia January 15, 2020. Photo: Reuters<\/em><\/p>\n<p style=\"text-align: justify;\">The group of creditors is proposing to invest $300 million in Montreal-based Cirque and reduce its $1.2 billion debt pile by $900 million, the person said. The creditor group, which also includes asset managers BlueMountain Capital and Sound Point Capital Management LP and others, holds nearly three-quarters of Cirque du Soleil\u2019s debt, the person said.<\/p>\n<p style=\"text-align: justify;\">Cirque started exploring debt restructuring options, including a possible bankruptcy in March, after it was forced to cancel shows because of the coronavirus outbreak.<\/p>\n<p style=\"text-align: justify;\">The company, famous for its shows in Las Vegas, had to temporarily lay off most of its staff after nationwide coronavirus shutdowns nixed its performances.<\/p>\n<p style=\"text-align: justify;\">Bids for Cirque du Soleil were due on Monday, people familiar with the matter said.<\/p>\n<p style=\"text-align: justify;\">Any deal would likely be completed through a court restructuring in Canada, the sources said. The timing of any court restructuring remains in flux as Cirque du Soleil prepares to review bids, one of the sources said.<\/p>\n<p style=\"text-align: justify;\">It is unclear if the creditor group\u2019s bid will be accepted. But as Cirque du Soleil\u2019s creditors, the group will have a say over the path of the company\u2019s restructuring, the source added.<\/p>\n<p style=\"text-align: justify;\">The sources requested anonymity because the matter is confidential. Dan Gagnier, a spokesman for Catalyst, as well as Cirque du Soleil and BlueMountain Capital declined to comment, while Sound Point did not immediately respond to requests for comment.<\/p>\n<p style=\"text-align: justify;\">Officials from Canada\u2019s Quebec province have also offered $200 million in aid to Cirque du Soleil, which started as a ragtag group of street performers in Canada.<\/p>\n<p style=\"text-align: justify;\">Private equity firm TPG acquired a majority stake of Cirque du Soleil in 2015 in a $1.5 billion deal.<\/p>\n<p style=\"text-align: justify;\"><em>The New York Post<\/em>\u00a0first reported on the offer on Monday.<\/p>\n<p style=\"text-align: right;\">Source: Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Creditors of Cirque du Soleil Entertainment Group led by private equity firm Catalyst Capital Group Inc made an offer on Monday to take control of the circus company through a debt restructuring in Canada, a person familiar with the matter said. Artists perform during Cirque du Soleil&#8217;s Crystal show in Riga, Latvia January 15, 2020. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[761,1],"tags":[1964,1962],"class_list":{"0":"post-3583","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-celebrity-buzz","8":"category-uncategorized","9":"tag-artists","10":"tag-artists-perform"},"_links":{"self":[{"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/posts\/3583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/comments?post=3583"}],"version-history":[{"count":0,"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/posts\/3583\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/media\/3584"}],"wp:attachment":[{"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/media?parent=3583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/categories?post=3583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lavyon.com\/en\/wp-json\/wp\/v2\/tags?post=3583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}