Deals

Cirque du Soleil Creditors Set to Reject TPG Group’s Offer

Creditor group likely to make counterproposal by July 10
TPG-led proposal would give creditors a 45% equity stake

Cirque du Soleil acrobats demonstrate a performance from the “Zarkana” show at the 2011 World Business Forum in New York, U.S.Photographer: Peter Foley/Bloomberg

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By Paula Sambo and Sandrine Rastello

June 29, 2020 at 1:10 PM EDT

Updated on

June 29, 2020 at 5:13 PM EDT

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Creditors of Cirque du Soleil Entertainment Group are set to turn down a proposal led by TPG that would leave them with a 45% stake in the company in exchange for wiping out most of its debt.

Montreal-based Cirque filed for protection from creditors in Canada on Monday after the coronavirus pandemic forced it to close shows around the world, triggering a fight for control of one of the best-known brands in live performance.

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