Cirque du Soleil completes sale to lenders, emerges from Chapter 15

By Sarah Lizee

Olympia, Wash., Nov. 24 – Cirque du Soleil Entertainment Group closed its previously announced sale transaction with its secured lenders and has emerged from creditor protection under the Companies' Creditors Arrangement Act in Canada and Chapter 15 in the United States, according to a press release issued Tuesday.

The company confirmed that Daniel Lamarre will remain as president and chief executive officer of Cirque du Soleil Entertainment, as well as continue to sit on the company's board of directors.

The new owners also agreed to maintain the company's headquarters in Montreal.

As part of this transaction, Cirque du Soleil announced the appointments of Jim Murren and Gabriel de Alba as co-chairmen of the board.

Cirque du Soleil is being represented by Stikeman Elliott LLP, Kirkland & Ellis LLP, National Bank Financial Inc. and Greenhill & Co.

Cirque du Soleil Entertainment Group is a Montreal-based live entertainment company. The company filed bankruptcy on July 1 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 15 case number 20-11719.

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