Canada

Cirque du Soleil accepts recapitalization offer from creditors

Cirque du Soleil accepted a recapitalization offer from its creditors on Thursday, after an earlier deal with shareholders including TPG Capital and Fosun International Ltd was dismissed by lenders.

Creditor Catalyst Capital Group said the entertainment company had accepted its “stalking horse bid” for its assets.

A “stalking horse” bid is an opening offer that other interested bidders must surpass if they want to buy the company.

The deal will inject up to $375 million into the financially-strapped Cirque du Soleil, a source familiar with the matter said.

The Montreal-based company, 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 pandemic. The company filed for bankruptcy protection on Monday. (Reporting By Allison Lampert in Montreal; Additional reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)

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