Cirque du Soleil Files for Bankruptcy Protection
By: Chloe Rabinowitz Jun. 29, 2020
The Financial Post has reported that Cirque du Soleil Entertainment Group has filed for bankruptcy protection after the global pandemic forced the company to close 44 productions.
Read the full story HERE.
The company requested court protection through the Companies' Creditors Arrangement Act in Canada. Application under the Companies' Creditors Arrangement Act will be heard by the Quebec Superior Court Tuesday.
Due to the pandemic, Cirque du Soleil laid off 4,679 employee, around 95% its workforce, on March 19.
The Company said it has entered a "stalking horse" agreement with its shareholders including TPG Capital , Fosun International Ltd (0656.HK), and Caisse de depot et placement du Québec. Under this, the group will take over Cirque's liabilities and invest $300 million.
Check out the full story HERE.
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