In a report released on Wednesday, Controller Ernst & Young said the transaction, originally scheduled for September 30, is now expected to close in late October or early November. An application is expected to be presented Thursday to the Superior Court of Quebec, which has been overseeing the process under the Companies' Creditors Arrangement Act (CCAA) since the end of June, for an extension until November 13. Since Cirque du Soleil should have enough money in its coffers to continue its activities until November, the monitor argued in favor of granting a delay. "The liquidity (of the company) for the six-week period ending Sept. 27 indicates a favorable spread of US $ 17 million," the document wrote. 
"This is really extra time to finalize the documentation which […] is substantial," Cirque spokesperson Caroline Couillard said in an email. Everything is progressing well and we are confident that we will be able to announce new owners very soon. " She did not offer more details on the ongoing process. According to Ernst & Young, the creditors want to fine-tune certain terms - which have not been specified - of the transaction without changing the guidelines of the transaction. In addition, ticket refunds for canceled shows were US $ 7 million lower than originally planned. Spending was also reduced by around $ 3.7 million, it can be seen. At the end of the process, which ended on August 18, there had been no greater offer than that from the dozen secured lenders led by Toronto-based Catalyst Capital Group. These will oust the company's shareholders: the Texan fund TPG Capital, the Chinese firm Fosun and the Caisse de dépôt et placement du Québec (CDPQ). This will translate into a loss of 228 million for Quebecers' socks. Unable to generate revenue after canceling its 44 shows around the world due to the health crisis caused by the COVID-19 pandemic, the Circus turned to the CCAA at the end of June, which led to the dismissal of some 3,500 employees. The lenders propose to make up to US $ 375 million available to the company. Two funds totaling 20 million US will also be created to pay the sums due to ex-workers and artisans. The agreement provides for a commitment to maintain Cirque's head office in Montreal for at least five years. Last month, the chairman of the company's board of directors, businessman Mitch Garber, announced in an interview on Radio-Canada radio that he was going to leave office when the transfer of ownership takes place.