Cirque du Soleil shows run the gamut from highly entertaining gymnastic feats to something that seems like erotica on a long silk ribbon, but now it’s gone… sort of.
Like many companies, Cirque du Soleil will enter bankruptcy and still operate.
Laid low by COVID-19, Cirque du Soleil Entertainment Group said on Monday it filed for protection from creditors under the Companies’ Creditors Arrangement Act (CCAA). With no shows, the firm had no revenue.
Cirque’s existing shareholders TPG Capital, Fosun International Ltd, and Caisse de depot et placement du Québec, will take over Cirque’s liabilities and invest $300 million.
The government body Investissement Québec will provide $200 million in debt financing.
CEO Daniel Lamarre
“With zero revenue since the forced closure of all of our shows due to COVID-19, the management had to act decisively to protect the Company’s future.”
The company in March laid off more than 4,000 people, or 95% of its workforce. Let’s hope they get back to work soon so we can once again ask ourselves, “How did they do that?!”