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Published on Tuesday, June 30, 2020

Cirque du Soleil files for bankruptcy






Cirque du Soleil, the architect of some of Las Vegas' most lavish shows, has filed for bankruptcy.


The Montreal-based company blames the pandemic for forced show closures and plans to restructure its debt.


It comes about three months after all productions were suspended.


It includes six productions in Las Vegas and numerous shows around the world.


Cirque du Soleil was also available on MSC Cruise ships.


The company reportedly has debt of about $1 billion, and recently laid off about 3,500 workers.


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


"However, with zero revenues since the forced closure of all of our shows, management had to act decisively to protect the company's future."


It suspended more than 40 shows in the US alone.


It has vowed the show must go on.


"Performances will resume once the pandemic is under control, pending an easing in government lockdowns and travel restrictions."


A group of investors will inject about $300 million in cash in a 'stalking horse' agreement, and it will receive backing from the Quebec government's investment arm.

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