Cirque du Soleil files for bankruptcy protection as COVID-19 cancels shows
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Cirque du Soleil files for bankruptcy protection as COVID-19 cancels shows
FILE Photograph: Artistes perform during Cirque du Soleil's Crystal show in Riga, Latvia, on Jan fifteen, 2020. REUTERS/Ints Kalnins
MONTREAL: Cirque du Soleil Entertainment Grouping said on Monday (Jun 29) it has filed for protection from creditors under the Companies' Creditors Arrangement Act (CCAA) equally the COVID-19 pandemic forced the famed circus to cancel shows and lay off its artistes.
The Canadian amusement company said it has entered a "stalking horse" understanding with its existing shareholders including TPG Upper-case letter , Fosun International Ltd , and Caisse de depot et placement du Quebec, nether which the group will take over Cirque's liabilities and invest U.s.$300 one thousand thousand.
Every bit office of the investment, government body Investissement Quebec volition provide United states of america$200 1000000 in debt financing.
"With null revenue since the forced closure of all of our shows due to COVID-xix, the management had to act decisively to protect the Company's futurity," said CEO Daniel Lamarre.
The company in March laid off more than iv,000 people, or 95 per cent of its workforce, and temporarily suspended its shows in Las Vegas, one of its prominent areas.
The CCAA is a Canadian Federal Act that allows large corporations to restructure their finances and avert bankruptcy, while allowing creditors to receive some form of payment for amounts owed to them.
Cirque's CCAA application will be heard on Tuesday past the Superior Courtroom of Quebec.
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Source: https://cnalifestyle.channelnewsasia.com/business/cirque-du-soleil-files-bankruptcy-protection-covid-19-241371
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