Cirque du Soleil wraps up sale transaction, emerges from creditor protection

Cirque du Soleil Entertainment Group says it has completed the sale of the company to a group of its creditors led by Catalyst Capital Group.

The company announced the closing of the transaction with its secured lenders and its emergence from court protection from creditors Tuesday.

Cirque was forced to cancel its shows earlier this year and cut nearly 3,500 employees due to the pandemic.

READ MORE: Cirque du Soleil creditors poised to take over company, leaving Quebec without a stake

As part of the transaction, former MGM Resorts International chief executive Jim Murren and Catalyst Capital managing director Gabriel de Alba were named as co-chairmen of the company’s board of directors.

Daniel Lamarre will remain as president and chief executive, as well as continue to sit on the company’s board.

The new owners have also agreed to keep the company’s headquarters in Montreal.

© 2020 The Canadian Press

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