With respect to the deposit, Cirque du Soleil announced that it had entered into a sales agreement with its existing shareholders, TPG, Fosun and Caisse de dépôt et placement du Québec (the “Sponsors”) and Investissement Québec as lender, for a “harassment horse” (“Sales Agreement”), under which the limited partners acquired essentially all of the company`s assets. for a combination of cash, debt and equity, and would create two funds totalling $20 million to ease the burden on affected employees and independent contractors. Subject to the Tribunal`s agreement, the sales contract will serve as a “harassment horse” as part of a sales and investment promotion (“SISP”) process overseen by the tribunal and the monitor designated by the Tribunal. The sales contract sets the lower limit or minimum acceptable offer for an auction of the company under the control of the court, in accordance with the siSP, which aims to obtain the highest available value or the best offer for the company and its stakeholders. (Reuters) – Cirque du Soleil Entertainment Group said on Thursday it had entered into a new sales deal with its secured lenders to launch the tender process for the financially troubled circus troupe. The creditors had challenged the prior agreement allowing shareholders to buy the group because the creditors had repaid a smaller share of the debt than the company owed them. Cirque du Soleil U.S. Intermediate Holdings, Inc. is a provider of unique live acrobatic theatre performances. The company currently operates 6 Cirque du Soleil resident shows, 6 Blue Man Resident Shows and 11 tourist shows. In the last twelve months ending September 30, 2018, the company`s turnover amounted to $US 832 million. The company`s founder, Guy Laliberte, retains a 10% minority stake after a leverage buyout in July 2015. TPG Capital Group (55% shares), Fosun Capital Group (25% shares) and the Caisse de dépôt et placement du Québec (10% shares) purchased 90% of the company with proceeds from the credit facilities plus approximately $630 million in cash capital.
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