The Quebec government has offered a conditional loan of $ 200 million to Cirque de Soleil, the most famous circus company in the world, which is fighting because of the Covid 19 pandemic.
"I announce that the Executive Council has granted financial assistance amounting to $ 200 million to contribute to the revitalization of the circus," said Quebec Economy Minister Pierre Fitzgibbon.
He explained that a preliminary agreement had been reached between the boycott and the current shareholders of the circus, the American investment group "TPG Capital", the Chinese "Vosson" group and the "Deposit Fund in Quebec".
Under this agreement, Cirque du Soleil will remain in Montreal and Quebec can buy participating shares from the Chinese and American groups.
Cirque de Soleil was severely affected by the epidemic, which forced him to cancel 44 offers worldwide, obliging him to place 4,697 workers, who make up 95% of his employees, in partial unemployment.
Circus founder Guy Laliberti announced on Sunday that he intended to attempt to repurchase the circus troupe.
Laliberti, a former acrobatic who became a millionaire and co-founder of the Canadian band in 1984, sold his remaining stake in the circus in February.
Liberty, who sold most of his shares to Chinese and American investors in a $ 1.5 billion deal in 2015, declined to disclose details of the potential value of his bid or his partners.
"We have a good plan. We think we will be able to improve the situation," he said, adding that he wanted to keep the team´s headquarters in Montreal and keep the Canadian management team.
The circus suffers from debts estimated at $ 900 million.
In 2015, the American investment group, TPG Capital, acquired 60% of the group, the Chinese “Fosson” Group bought a 20% stake, and the Quebec Investment Fund invested 10%.
In February, the fund purchased the remaining 10% of Liberty, bringing its total stake to 20%.
