If the agreement is approved by the judge, it will serve as the new stalking\u002Dhorse bid for the company, setting the floor price for other parties
“The cooperation of the creditor group has been extraordinary to achieve our objective to recapitalize and revitalize the Cirque,” Gabriel de Alba, a partner at Catalyst Capital Group Inc., one of the biggest creditors, said in a message. “This is an important transaction and we are excited to bring back the artisans, trades and team members once it is approved.
The lenders’ proposal replicates parts of the TPG bid by establishing two funds with a total of US$20 million for employees and independent contractors. It also includes provisions to keep the headquarters in Montreal. “When the Cirque was forced to shut down amid the pandemic, we stood with the company to stabilize the business and developed a plan for the company to re-emerge with its core values and history intact,” a spokesperson for the TPG shareholder group said in an e-mailed statement. “We are pleased to see that the creditors have incorporated these key undertakings into their bid — including commitments to Quebec and dedicated funds for affected employees and contractors.
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