Quebec’s pension fund said it spent $75 million in February to double its stake in Cirque du Soleil Entertainment, an investment it was forced to write off in June when the company filed for bankruptcy protection, Bloomberg News reported. Caisse de Depot et Placement du Quebec’s decision to buy an additional 10 percent of the live performance company from founder Guy Laliberte came after months of discussions with shareholders, Caisse Chief Executive Officer Charles Emond said Monday. The fund spent $71 million for its initial 10 percent stake in 2015, he told a panel of lawmakers in Quebec City. Neither amount had been previously disclosed. “With the additional 10 percent we suddenly had more rights about being consulted, having a weight, a greater influence” on debt levels and future shareholders, Emond said. Montreal-based Caisse said this month it wrote off its entire $170 million investment in Cirque, which includes some debt, after the coronavirus forced it to shut down all its shows around the globe. The company is recapitalizing under court protection, with a deadline for bids set for tomorrow. A committee of creditors has the leading bid so far.
