Cirque du Soleil completes sale transaction, emerges from creditor protection

Photo: The Canadian Press

A man and woman walk by the Cirque du Soleil Big Top in Montreal's Old Port, Saturday, March 21, 2020, as COVID-19 cases rise in Canada and around the world. Cirque du Soleil Entertainment Group says it has completed the sale 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 today. THE CANADIAN PRESS/Graham Hughes

Cirque du Soleil Entertainment Group says it has completed the sale 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 today.

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

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.