Cirque du Soleil assign to impartial collect recapitalization expose by lenders

(Reuters) – Canada’s Cirque du Soleil Leisure Neighborhood is poised to impartial collect a recapitalization provide from a community of collectors, which would ticket them inject as a minimal $300 million (238.76 million kilos) of most modern capital in the financially strapped company, Bloomberg Records reported on Tuesday.

The provide would maybe be formally offered to a committee of Cirque’s board on Tuesday evening, the file said, citing sources. (bloom.bg/2ZyulvP)

The proposal would ticket first-lien collectors, who had been owed greater than $900 million as of March 31, wind up with virtually the total company’s equity, the file added.

Lenders had previously brushed off a stalking horse expose from a community of merchants, including deepest equity firm TPG [TPG.UL], China’s Fosun (0656.HK), a Canadian pension fund and a Quebec authorities physique, as insufficient.

The provide from the lenders would replace the stalking horse expose made by TPG and various Cirque shareholders in June, the Bloomberg file said.

The Montreal-primarily based entertainment company filed for monetary catastrophe protection on the quit of June as the COVID-19 pandemic forced it to assassinate presentations and lay off artists.

Cirque was as soon as now not abruptly on hand to comment on the Bloomberg file.