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

Cirque du Soleil files for creditor protection, terminates 3480 jobs

When the wave of COVID-19 closures hit, the debut was postponed indefinitely, and while no new dates have been announced, company officials believe the show may premiere in the Fall, considering there are no health and safety restrictions on shows.

Almost four months after it suspended its live operations due to the coronavirus pandemic, Cirque du Soleil Entertainment Group is filing for bankruptcy.

"For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization", says Daniel Lamarre, president and CEO of Cirque du Soleil Entertainment Group.

The filing comes three months after it temporarily suspended production of its 44 worldwide shows, including "Drawn to Life".

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.

The Montreal, Quebec-based entertainment company previously furloughed its employees because of the coronavirus back in March.

Those workers have now been laid off, although the company hopes that it will be temporary or until rules are relaxes to allow such shows to resume.

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He promised "major retaliation" if Iran tries to avenge Soleimani's killing, and threatened to bomb Iranian cultural sites . Arrest Can Trump be arrested? However, it can put pressure on government leaders and limit the suspects' travel.

The company added that as shows in Las Vegas and Orlando are expected to resume before other shows, the artists and show staff of the resident shows division are not affected.

It said it meant to rehire "a substantial majority" of terminated employees, business conditions allowing, once coronavirus-related shutdowns were lifted and operations could resume.

The company also has about 10 shows on tour across the world, including "O", "Michael Jackson One", and "The Beatles LOVE".

Cirque said it will seek protection under the Companies' Creditors Arrangement Act (CCAA), and its application will be heard on Tuesday by the Superior Court of Quebec.

Cirque is drowning in almost US$1.45 billion in debt, according to multiple reports.

The COVID-19 pandemic had forced the Cirque du Soleil to cancel all of its 44 shows and to lay off nearly all of its staff, around 4,700 people.

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