Creditors of Cirque du Soleil Entertainment Group led by private equity firm Catalyst Capital Group Inc. made an offer yesterday to take control of the circus company through a debt restructuring in Canada, Reuters reported. 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’s debt. Cirque started exploring debt restructuring options, including a possible bankruptcy in March, after it was forced to cancel shows because of the coronavirus outbreak. 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.
