Battle for control over Cirque du Soleil leads to deal with lenders
Cirque du Soleil has accepted an offer to sell itself to its lenders in a deal that would kick its current private equity owner, TPG Capital, out of the tent, The Post has learned. The bankrupt circus giant, known for dominating the box office in Las Vegas, OK’d the lenders’ offer in the middle of the night on Wednesday — marking the latest twist in a heated tug-of-war for control of the entertainment company, sources said. The deal forgives roughly $800 million of Cirque’s $1.1 billion in outstanding loans in exchange for ownership, while leaving its current owners — a group led by billionaire private titans like David Bonderman — empty-handed. The restructuring plan includes $375 million in new spending money, a $20 million fund to help out-of-work employees and contractors,