Cirque du Soleil files for bankruptcy protection, Arts News & Top Stories

Members of the cast from The Beatles' 'LOVE' by Cirque du Soleil perform at the Musi Cares Person of the Year gala honoring Paul Mc Cartney in Los Angeles Calif. on Feb. 10 2012

A group of existing investors, with backing from the Quebec government's investment wing, Investissement Québec, already has a deal in place to take over the company, inject $300 million United States and provide financial support for 3,500 laid-off workers.

The company says it will seek court protection from creditors under the Companies' Creditors Arrangement Act at a hearing Tuesday at Quebec Superior Court.

"If the court grants the initial order sought, the company will seek its immediate provisional recognition in the United States under Chapter 15 of the U.S. Bankruptcy Code in the United States Bankruptcy Court", the statement reads.

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

"We know, because of the proposal on the table, that the Cirque is saved", CEO Daniel Lamarre said in a phone interview. "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.

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It also has been known as the Full Thunder Moon for its timing during a period of the year when thunderstorms occur frequently. The first contact with the penumbra will be at 8.30 am and the maximum impact of the eclipse would be at 9.59 am.

The Texan fund TPG Capital (with a 60 per cent stake), the Chinese firm Fosun (20 per cent) and the Caisse de depot et placement du Quebec (20 per cent) will inject US$100 million, while Investissement Quebec will provide a US$200-million loan.

It was estimated the company owed creditors around $900 million USA, meaning they had effective control of the company.

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. To help stem the financial loss, Cirque has laid off roughly 3,500 employees. Its profits were estimated at US$155 million.

Cirque du Soleil shows in Austin, Texas, Chicago, Houston, New Orleans, Salt Lake City, Montreal, Boston, Tel Aviv, Meloneras, Spain, Munich, Costa Mesa, California, Denver, and the Australian cities of Melbourne, Adelaide and Perth were also cancelled.

Guy Laliberté, one of the original performers, turned the troupe into a live entertainment giant, eventually setting up lucrative productions in Las Vegas.

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