Under the terms of the proposed Purchase Agreement, the sponsors will inject US$300 million of liquidity into the business' restructure to help a successful restart by providing relief for Cirque du Soleil's affected employees, partners, and current ticket holders.
The application is scheduled to be heard by the Quebec Superior Court Tuesday and the company will also seek its immediate provisional recognition in the USA under Chapter 15.
Touring shows could come back in 2021 if the virus situation allows for it, he said.
It said it meant to rehire "a substantial majority" of terminated employees, business conditions allowing, once coronavirus-related shutdowns were lifted and operations could resume.
Cirque du Soleil's secured creditors will receive $50 million of unsecured, takeback debt as well as a 45% equity state in the company.
Cirque du Soleil shows in Austin, Texas, Chicago, Houston, New Orleans, Salt Lake City, Montreal, Boston, Tel Aviv, Meloneras, Spain, Munich, Costa Mesa, Denver, and the Australian cities of Melbourne, Adelaide and Perth have also cancelled.
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