A stalking-horse bid for Cirque du Soleil Entertainment Group was dismissed as inadequate by lenders during a Quebec court hearing yesterday into the company’s restructuring, Reuters reported. Canada’s once high-flying Cirque received initial protection from its creditors, after the COVID-19 pandemic forced the famed circus operator to cancel shows and lay off artists. Montreal-based Cirque, which grew from a troupe of street-performers in the 1980s to a company with global reach, has slashed about 95 percent of its workforce and suspended shows due to the pandemic. The company filed for bankruptcy protection on Monday. The company has signed an agreement with its existing investors private equity fund TPG Capital, China’s Fosun International Ltd, and Canadian pension fund Caisse de depot et placement du Québec under which the consortium will take over Cirque’s liabilities and invest $300 million to support a restart. As part of the investment, government body Investissement Québec will provide $200 million in debt financing.
