(Reuters) – Canada’s Cirque du Soleil Entertainment Group is poised to accept a recapitalization offer from a group of collectors, which would sign them inject on the least $300 million of contemporary capital in the financially strapped firm, Bloomberg Information reported on Tuesday.
The offer could be formally presented to a committee of Cirque’s board on Tuesday evening, the memoir acknowledged, citing sources. (bloom.bg/2ZyulvP)
The proposal would sign first-lien collectors, who were owed more than $900 million as of March 31, stop up with almost all of the firm’s equity, the memoir added.
Lenders had beforehand pushed aside a stalking horse show from a group of investors, including inner most equity firm TPG [TPG.UL], China’s Fosun (0656.HK), a Canadian pension fund and a Quebec government body, as inadequate.
The offer from the lenders would replace the stalking horse show made by TPG and other Cirque shareholders in June, the Bloomberg memoir acknowledged.
The Montreal-primarily based mostly mostly entertainment firm filed for financial fracture protection on the stop of June as the COVID-19 pandemic compelled it to waste shows and lay off artists.
Cirque modified into now now not trusty away readily in the market to comment on the Bloomberg memoir.
Reporting by Radhika Anilkumar in Bengaluru and Shubham Kalia; Enhancing by Devika Syamnath
