Creditors, led by private equity firm "Catalyst Capital Group Inc" made a proposal to take control of Cirque du Soleil Entertainment Group by restructuring debt in Canada, said a knowledgeable person.
Lenders is proposing to invest $ 300 million to reduce Cirque du Soleil debt burden by $ 1.2 billion with $ 900 million.
"BlueMountain Capital", "Sound Point Capital Management LP" and other companies and managers are current owners of three quarters of Cirque debt.
Cirque started to explore options to restructurize the debt already in March with options for bankruptcy, right after all shows has been cancelled worldwide because of Covid pandemic. Basically all emplyess has been layed off.
Any transaction might be completed through restructuring in Canadian court and restructuring time frame still in the process because Cirque du Soleil is preparing to consider the proposals.
There is no information regarding acceptance from the creditors, but group of lenders will definitely have a say during Cirque du Soleil restructurization.
Cirque du Soleil and Ctalyst spoke person (Gagnier Dan) refused to comment. On the other hand South Point at least responded later.
Also, province Quebec offered USD200 million as a help to restructurize Cirque debt. Since 2015 and currently, TPG the American investment fund owns controlling stake at Cirque du Soleil.
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