MONTREAL — Cirque du Soleil and its secured creditors are close to reaching a agreement on a second stalking horse bid for the financially strapped entertainment group, after lenders opposed a deal with shareholders including TPG Capital and Fosun International, a Canadian court heard on Friday. Canada's once high-flying Cirque has received protection from creditors as it restructures after the COVID-19 pandemic forced it to cancel shows and lay off artists. Details about the rival bid by secured creditors, which sets the low-end bar for buying the company's remaining assets, were not disclosed by the parties involved in the dial-in hearing on Friday. Details are expected to be presented in court next week pending approval from the Cirque board. Lenders had previously dismissed a stalking horse bid from a group of investors, including private equity firm TPG [TPG.UL], and Fosun, a Canadian pension fund and a Quebec government body as inadequate.

Source: International New York Times July 10, 2020 16:41 UTC