The new owners have also agreed to keep the company's headquarters in Montreal.

Cirque has cancelled its 44 shows and cut nearly 3,500 employees due to the COVID-19 crisis.

The purchase offer for Cirque du Soleil risks eliminating Quebec's longstanding presence as a shareholder.

The Cirque du Soleil's shareholders terminated their takeover bid after the insolvent entertainment business reached an agreement with its creditors.

The creditors, who hold about US$1 billion in secured debt, have until Tuesday to submit their proposal to advisers of the company, which has been deprived of income since its 44 shows were cancelled mid-March because of COVID-19.

Cirque du Soleil has filed for creditor protection as the company grapples with financial hardships during the ongoing novel coronavirus pandemic.

Around 35 members showed up in front of the Cirque's big top where they raised a symbolic tent.

Criticized for its lack of transparency surrounding the loan offered to Cirque du Soleil, Quebec's Legault government has committed to revealing the details of the agreement.

Quebec continues to lead the country in coronavirus cases and deaths.

Founded in 1984, the circus is now carrying close to US$1 billion in debt and has been forced to suspend its operations entirely amid the COVID-19 pandemic.