NEW YORK (AP) — Ringling Bros. and Barnum & Bailey Circus may be shuttering but Big Apple Circus has managed to cartwheel itself out of bankruptcy.
A judge on Tuesday approved a deal that would save the circus by selling its tents, equipment and intellectual property to Big Top Works, an affiliate of the Florida-based investment firm Compass Partners LLC. Compass was the previous winning bidder at an asset auction with a $1.3 million offer.
The nonprofit Big Apple Circus filed a Chapter 11 petition in November, seeking to continue operating, albeit in a diminished way. The circus said its debts amounted to $8.3 million, against assets of $3.8 million, in its Chapter 11 filing.
Big Apple Circus is celebrating its 40th year.