In 2019, Cirque du Soleil sold out shows worldwide and enjoyed annual revenues of $1 billion, and it employed nearly 5,000 people to perform those shows and run the company. When Cirque du Soleil was forced to cancel shows and cut its workforce by 95% due to the pandemic in March of 2020, the company struggled under its debt load as its revenue fell to zero. Cirque du Soleil was at risk of disappearing if it could not be rescued with new capital and some relief from its debts.

Catalyst led a group of creditors to bid for control of the company, and its debt restructuring plan in the fall of 2020 brought in $375 million of new capital. A new board of directors and a reinvigorated management team began preparations which ensured that the show could go on after the pandemic subsided.

Today, Cirque du Soleil is once again selling out shows worldwide and has grown back to its pre-pandemic size.

In November, 2016, Catalyst completed a restructuring transaction with Pacific Exploration & Production (now called Frontera Energy), a Canadian based natural gas and crude oil E&P Company. Pacific was struggling financially with a high debt burden and needed to operationally reduce costs and integrate multiple prior acquisitions. Pacific had a diversified portfolio of assets with operations in Colombia, Peru, Brazil, Guyana, Guatemala and Belize. In partnership with Pacific’s bondholders, banks, government authorities and suppliers, Catalyst lead a restructuring process to equitize Pacific’s total debt outstanding totaling  US$5.4 Billion. Catalyst’s restructuring plan provided $500 million in Debtor-In-Possession financing (“DIP”) of which US$250 million were converted into equity and US$250 million were converted into long term debt financing.

Catalyst, with Pacific E&P, implemented a strategy that would reduce organizational scale, complexity and cost while maximizing operating and cost efficiencies to ensure the Company achieved sustainable production and growth. Under guidance from Catalyst, Pacific announced a new Board comprised of highly skilled independent directors and relisted the company’s shares on the Toronto Stock Exchange under the symbol “PEN”.

Pacific emerged from its recapitalization with a renewed strategic focus, positive cash flow, a strong balance sheet, significantly reduced payables and a Board of Directors with the unique skills and experience needed to guide management and drive value creation for all stakeholders. Catalyst renamed the company Frontera Energy and helped rebuild the business into  a successful, low-cost oil & gas producer that continues to benefit the communities in which it operates.