Cirque du Soleil files for bankruptcy protection after months-long closure | Venture

Cirque du Soleil files for bankruptcy protection after months-long closure | Venture”

As part of the investment, government body Investissement Québec will provide $200 million in debt financing.

The move, which was announced on Monday in a statement, means the famous Quebec-based circus and some of its affiliated companies have filed for protection from creditors under the Companies' Creditors Arrangement Act in Quebec Superior Court.

However, he said he regrets the end of the employment relationship of thousands of employees with the company, which has US$900 million in debt. It will also seek its immediate provisional recognition in the United States under Chapter 15.

The circus' revenue was completely devastated by the pandemic, resulting in dozens of its productions being cancelled across the world.

"For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization". "I look forward to rebuilding our operations and coming together to once again create the magical spectacle that is Cirque du Soleil for our millions of fans worldwide", he concluded.

Cirque is drowning in almost $1 billion in debt, according to multiple reports.

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In May, as the Cirque's financial position looked increasingly shaky, Economy Minister Pierre Fitzgibbon expressed concerns about the possibility of creditors seeking liquidity.

The company has signed an agreement with its existing investors private equity fund TPG Capital, China's Fosun International Ltd, and Canadian pension fund Caisse de depot et placement du Québec under which the group will take over Cirque's liabilities and invest $300 million to support a restart.

That money, he said at the time, was incumbent on the investors meeting a number of political requirements, in addition to the pledge to keep the head office in Montreal.

It will immediately lay off 3,480 workers who had previously been furloughed. Its profits were estimated at US$155 million.

The filing comes three months after it temporarily suspended production of its shows, including six in Las Vegas.

Cirque du Soleil was founded in 1984 by a group of circus performers in the picturesque village of Baie-Saint-Paul, north east of Quebec City.

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