While the creditors of the Cirque du Soleil prepare to take control of the company, Quebecor offers its collaboration to revive the activities of the flagship québec business.
By way of a press release, on Thursday evening, the conglomerate Quebecor has confirmed that he was not going to join a higher bid to try to acquire the Circus. The company would rather work with the buyers to “ensure the sustainability of the Circus and the continuation of his artistic success by providing it with the means of its financial success”.
From the beginning of the month of may, Quebecor has expressed its intention to participate in the rescue of the Cirque du Soleil. Discussion advances have taken place in order to evaluate the different options.
“Quebecor has had lengthy discussions with the Group Houlihan Lokey [an investment bank], the advisors of the creditors, before it is forced to end by the signing, at the request of the Cirque du Soleil, a confidentiality agreement,” noted the company.
The decision of Quebecor occurs on the eve of the hearing of the superior Court, which must rule on the offer of the creditors. These, together with the toronto firm Catalyst in the lead, agreed with Cirque du Soleil on an offer to purchase. This agreement shall be submitted to the court this Friday. If it is accepted, the ownership of the Circus would be completely in Quebec.
The creditors of the Circus, private investment companies, may wish to enlist the expertise of a québec partner to have a fine knowledge of the field of entertainment and entertainment. The recovery was going to be difficult. Since the beginning of the pandemic, the Circus has canceled its 44 performances and has fired approximately 3480 workers.