Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Fosun International Limited    656   HK0656038673

FOSUN INTERNATIONAL LIMITED

(656)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 07/06
10.5 HKD   +3.75%
06/30FOSUN INTERNATIONAL : Bid for Cirque du Soleil dismissed as 'pure fiction' by lenders
RE
06/30NEWS HIGHLIGHTS : Top Company News of the Day
DJ
06/29NEWS HIGHLIGHTS : Top Company News of the Day
DJ
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Fosun International : Bid for Cirque du Soleil dismissed as 'pure fiction' by lenders

share with twitter share with LinkedIn share with facebook
06/30/2020 | 04:36pm EDT
FILE PHOTO: An artist performs during the Cirque du Soleil's Totem show in London's Royal Albert Hall

By Allison Lampert

A stalking horse bid for Cirque du Soleil Entertainment Group was dismissed as inadequate by lenders during a Quebec court hearing into the company's restructuring on Tuesday.

Canada's once high-flying Cirque received initial protection from its creditors, after the COVID-19 pandemic forced the famed circus operator to cancel shows and lay off artists.

Montreal-based Cirque, which grew from a troupe of street-performers in the 1980s to a company with global reach, has slashed about 95% of its workforce and suspended shows due to the pandemic. The company filed for bankruptcy protection on Monday.

The company has signed an agreement with its existing investors private equity fund TPG Capital, China's Fosun International Ltd, and Canadian pension fund Caisse de depot et placement du Québec under which the consortium will take over Cirque's liabilities and invest $300 million to support a restart.

As part of the investment, government body Investissement Québec will provide $200 million in debt financing.

The agreement will serve as the "stalking horse" bid in a sale and investment solicitation process, subject to court approval.

Joe Pasquariello with the Goodmans law firm, who acted for first lien and second lien lenders, said the bid is "not what we're striving for" in a stalking horse.

"That agreement with all due respect is pure fiction."

Cirque has received six non-binding offers, with a deal eyed by September, the court heard.

Cirque Chief Executive Daniel Lamarre said in an interview "we're open to any solution that someone can bring to the table that will ensure the future of Cirque du Soleil."

Quebec Superior Court Judge Louis Gouin agreed to give the company protection from its creditors for 10 days. Cirque will seek its immediate provisional recognition in the United States under Chapter 15 in the United States Bankruptcy Court.

Cirque generated about $1 billion in revenues and $157 million in profits last year before the pandemic, he said.

The company had almost $1.5 billion in liabilities as of December 2019.

(Reporting By Allison Lampert in Montreal; Editing by Marguerita Choy and Lisa Shumaker)

share with twitter share with LinkedIn share with facebook
Latest news on FOSUN INTERNATIONAL LIMITE
06/30FOSUN INTERNATIONAL : Bid for Cirque du Soleil dismissed as 'pure fiction' by le..
RE
06/30NEWS HIGHLIGHTS : Top Company News of the Day
DJ
06/29NEWS HIGHLIGHTS : Top Company News of the Day
DJ
06/29FOSUN INTERNATIONAL : Cirque du Soleil files for bankruptcy protection as COVID-..
RE
06/29FOSUN INTERNATIONAL : Cirque du Soleil files for creditor protection, terminates..
AQ
06/23EXCLUSIVE : China's Fosun seeks sale of $1.3 billion stake in Alibaba's Cainiao ..
RE
06/08FOSUN INTERNATIONAL LIMITED : Ex-dividend day for final dividend
FA
05/26Canada's Quebec provides $200 million aid to hard-hit Cirque du Soleil
RE
05/11WOWOTALENT : Harvest twelve years of value over five years
AQ
04/01Fosun International Announces 2019 Annual Results
AQ
More news
Financials
Sales 2020 136 B 19 333 M 19 333 M
Net income 2020 12 352 M 1 754 M 1 754 M
Net Debt 2020 116 B 16 402 M 16 402 M
P/E ratio 2020 6,36x
Yield 2020 3,71%
Capitalization 78 419 M 11 098 M 11 134 M
EV / Sales 2019
EV / Sales 2020 1,42x
Nbr of Employees 71 000
Free-Float 28,7%
Chart FOSUN INTERNATIONAL LIMITED
Duration : Period :
Fosun International Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FOSUN INTERNATIONAL LIMITE
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Average target price 11,27 CNY
Last Close Price 9,23 CNY
Spread / Highest target 39,0%
Spread / Average Target 22,2%
Spread / Lowest Target -0,75%
EPS Revisions
Managers
NameTitle
Qi Yu Chen Co-Chief Executive Officer & Executive Director
Xiao Liang Xu Co-Chief Executive Officer & Executive Director
Guang Chang Guo Chairman
Qun Bin Wang Co-Chairman
Ping Gong Chief Financial Officer & Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
FOSUN INTERNATIONAL LIMITED-10.92%11 098
ALLIANZ SE-15.69%85 228
CHUBB LIMITED-19.33%56 677
MARSH & MCLENNAN COMPANIES-3.16%54 605
ZURICH INSURANCE GROUP LTD-14.83%53 291
AMERICAN INTERNATIONAL GROUP INC-41.71%25 770