Cirque du Soleil : a new proposal in preparation

Cirque du Soleil : une nouvelle proposition en préparation

The lawyers of the Cirque du Soleil have taken everyone by surprise by confirming this morning the existence of discussions advanced between the shareholders and creditors of the Circus in view of the preparation of a new financial arrangement within the framework of the proceedings to avoid bankruptcy.

In front of the Judge Louis Gouin of the Quebec superior Court, the lawyers of the parties involved in this discussion have explained that this new agreement, if it came to be concluded to the satisfaction of each, may serve as a new proposal began in the auction process put in place in the framework of the Law on arrangements with creditors arrangement act (CCAA).

Recall that while announcing will be sent to the courts for protection from its creditors, the shareholders of the Circus announced it had agreed with Québec for the presentation of a first proposal to the creditors, of a value of 300M$US. Of this amount, Quebec gave$200M to the group of shareholders, consisting of GPT, Fosum and the Caisse de dépôt et placement du Québec.

The content of the new offer in preparation has not been unveiled in the course of the hearing. But taking note of this new development, and allow each person to reach an agreement, the judge Gouin has ordered that this new arrangement would be sent to her by next Wednesday for a new hearing set for 17th July.

More details will follow.

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