Deals
Cirque du Soleil Said to Accept Lenders’ Bid, Sidelining TPG
- Creditors propose capital injection of at least $300 million
- Company was forced to shut down shows when pandemic hit
Photographer: Hannes Magerstaedt/Getty Images
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Cirque du Soleil Entertainment Group, which is restructuring under court protection in Canada, accepted a recapitalization offer from a group of lenders, people with knowledge of the matter said.
The ad hoc committee of creditors, which represents holders of about $760 million in Cirque debt, formally presented a “credit bid” that would see lenders inject at least $300 million of new capital into the live-performance company to eventually restart its shows. The offer, previously reported by Bloomberg, was accepted by a committee of Cirque’s board Tuesday night, the people said, asking not to be identified because the information is private.