Cirque du Soleil Entertainment Group said on Thursday it reached a new purchase agreement with its secured lenders, in a move that would help kick-start the bidding process for the financially strapped circus troupe. The Cirque said in a statement that it entered into a new "stalking horse" purchase agreement with its first-lien and second-lien secured lenders, confirming earlier reports. Iconic circus owes more than $1BThe deal allows the creditors to acquire the Cirque's assets while largely cutting down the company debt, the statement said. The agreement sets aside $20 million for affected employees and keeps the company's head office in Quebec, the statement said. Earlier in the day, Catalyst Capital Group, which led the secured lenders, said the entertainment company had accepted its "stalking horse bid" for the assets.

Source: CBC News July 16, 2020 18:11 UTC