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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Cirque du Soleil Restructuring


Areas Banking and Finance Law, Corporate Restructuring, Employment and Labour, Litigation, Pensions, Tax


Goodmans LLP (“Goodmans”) was Canadian counsel to the Ad Hoc Committee of Lenders of Cirque du Soleil.

Prior to the insolvency filings, Goodmans and Milbank advised the Ad Hoc Committee in respect of a drop-down financing transaction undertaken by CDS  with its equity sponsors, and the US$50 million replacement financing provided by certain lenders participating in the Ad Hoc Committee. Following the insolvency filings, Goodmans and Milbank successfully opposed the Company’s initial proposed stalking-horse transaction with its equity sponsors, with the Company ultimately agreeing to enter into a stalking-horse credit bid transaction with the first and second lien lenders. Following a competitive auction process, no superior bid was identified and the credit bid transaction was approved by the CCAA and Chapter 15 courts in October 2020. The transaction closed in late November 2020.


In addition to the credit bid, the transaction involved the provision of up to US$375 million of new financing as well as the exchange of the Company’s first lien debt for a combination of equity and take back debt, the exchange of its second lien debt for warrants and an internal reorganization. The transaction was completed by way of a hybrid “reverse” vesting order and traditional asset sale, which saw the purchaser acquire the shares of the CDS Canadian entities and acquire the assets of the U.S. entities. The transaction also involved the establishment of certain relief funds totalling US$20 million for the benefit of certain former employees and individual contractors of the Company.