{"id":4353,"date":"2020-06-09T01:06:00","date_gmt":"2020-06-08T22:06:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cirque-du-soleil-gets-1-2-billion-buyout-offer-from-creditors\/"},"modified":"2020-06-09T01:06:00","modified_gmt":"2020-06-08T22:06:00","slug":"cirque-du-soleil-gets-1-2-billion-buyout-offer-from-creditors","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cirque-du-soleil-gets-1-2-billion-buyout-offer-from-creditors\/","title":{"rendered":"#Cirque du Soleil gets $1.2 billion buyout offer from creditors"},"content":{"rendered":"

“#Cirque du Soleil gets $1.2 billion buyout offer from creditors<\/strong>”<\/p>\n

\n
\n
\n

June 8, 2020 |<\/span> 6:06pm |<\/span> Updated June 8, 2020 | 6:48pm<\/span><\/p>\n

\n Enlarge Image<\/p>\n

\"Actors<\/img>
\n A Cirque du Soleil performance in Kyiv, Ukraine, in February<\/span>
\n NurPhoto via Getty Images<\/span><\/p><\/div>\n

\n A group of financial lenders is angling to acquire Cirque du Soleil in a possible bankruptcy reorganization \u2014 and they may partner with its charismatic co-founder, The Post has learned.<\/p>\n

The cash-strapp<\/a>ed circus \u2014 which was forced in March by the coronavirus pandemic to shutter dozens of shows in cities worldwide \u2014 on Monday got a proposal from creditors to inject $300 million into Cirque du Soleil under a bankruptcy restructuring that also would convert the company\u2019s $900 million in debt into a 100-percent ownership stake, according to sources close to the situation.<\/p>\n

Under the terms of the proposal,, the lenders will rehire nearly 4,700 circus workers \u2014 or 95 percent of the company\u2019s payroll \u2014 who were summarily fired in March, and will maintain the company\u2019s headquarters in Montreal, sources said.<\/p>\n

Angling to restart productions in the coming months, the creditors believe they can restore operations to breakeven profitability by the end of next year, partly by broadcasting its spectacular acts on TV and online, sources said.<\/p>\n

The creditor group has meanwhile been in talks with Guy Laliberte, the former fire eater who, with a ragtag group of street performers, co-founded Cirque du Soleil in the early 1980s. Laliberte became a billionaire when he sold the company to a group led by private-equity firm TPG in 2015 \u2014 a debt-fueled deal that left Cirque du Soleil vulnerable to the coronavirus crisis, according to critics.<\/p>\n

Now, one source close to the talks said Laliberte remains a \u201cfree agent\u201d and hasn\u2019t yet committed to a partnership with the creditor group. Nevertheless, late last month the 60-year-old clown said in an interview that after \u201ccareful consideration\u201d he was looking to revive the circus \u201cwith a great team.\u201d<\/p>\n

\u201cIts revival will have to be done at the right price. And not at all costs,\u201d Laliberte said.<\/p>\n

The bidding group, which is being advised by Houlihan Lokey, hopes to get court approval to buy Cirque du Soleil out of bankruptcy by the end of August.<\/p>\n

The creditors include Canada-based Catalyst Capital, as well as US investment firms Shenkman Capital, Providence Equity\u2019s Benefit Street Partners and CBAM. The latter is controlled by former Guggenheim Partners President Todd Boehly\u2019s Eldridge Industries, which owns more than 20 percent of the Los Angeles Dodgers, as well as Dick Clark Productions, The Hollywood Reporter, and film distributor A24.<\/p>\n

The offer came in response to a Monday deadline for bids set by the Montreal-based circus, whose animal-free productions ditch lions, tigers and bears in favor of cutting-edge acrobatics, lively musical soundtracks and a storytelling approach.<\/p>\n

Other possible bidders include buyout firm TPG. Quebec\u2019s government, loosely partnered with the Texas-based buyout firm, said last week it would invest $200 million to keep Cirque operating and in the city under certain conditions.<\/p>\n

Nevertheless, insiders note the creditors have an advantage in the process, as Cirque du Soleil defaulted on a March 31 interest payment and is now in a forbearance period. Accordingly, any deal must be approved by creditors, who have the power to put the company into bankruptcy.<\/p>\n

\u201cThey can\u2019t get rid of us without paying us,\u201d a source in the lending group said.<\/p>\n

The creditors are making their move in part to stop TPG \u2014 which last month threw J. Crew into Chapter 11 after saddling it with debt \u2014 from reasserting itself and profiting from the bankruptcy, sources said. I<\/span>n March, Cirque du Soleil placed several of its worldwide trademarks into a different subsidiary. Last month, TPG lent $50 million against those trademarks to give it a bigger say in a restructuring process. <\/span><\/p>\n

The<\/span>\u00a0creditor group on Friday issued an emergency loan to Cirque du Soleil replacing the $50 million in TPG funding, sources said.<\/span><\/p>\n

Cirque du Soleil didn\u2019t immedia<\/a>tely respond to requests for comment.\n <\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

Source<\/a><\/span><\/p>\n

\n

If you want to read more Business News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

if you want to watch Movies<\/a> or Tv Shows go to Dizi.BuradaBiliyorum.Com<\/a> <\/span> for forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

“#Cirque du Soleil gets $1.2 billion buyout offer from creditors” June 8, 2020 | 6:06pm | Updated June 8, 2020 | 6:48pm Enlarge Image A Cirque du Soleil performance in Kyiv, Ukraine, in February NurPhoto via Getty Images A group of financial lenders is angling to acquire Cirque du Soleil in a possible bankruptcy reorganization…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[8268,8267,8269],"class_list":["post-4353","post","type-post","status-publish","format-standard","hentry","category-general","tag-a-group-of-financial-lenders-is-angling-to-acquire-cirque-du-soleil-in-a-possible-bankruptcy-reorganization-and-they-may-partner-with-its-charismatic-co-founder","tag-cirque-du-soleil-gets-1-2-billion-buyout-offer-from-creditors","tag-the-post-has-learned-the-cash-strapped-circus-which-was-forced-in-march-by-the-coronavirus-pandemic-to-shutter-dozens-of-shows-in-cities-worldwide-on-monday-got"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/4353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=4353"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/4353\/revisions"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=4353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=4353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=4353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}