FILE – A performer balances a lightbulb on his head during a preview of the Cirque Du Soleil production of “Kurios - Cabinet of Curiosities” in Sydney, Tuesday, Oct. 1, 2019. THE CANADIAN PRESS/AP/Rick Rycroft

Cirque du Soleil files for creditor protection, terminates 3,480 jobs due to COVID-19

Cirque du Soleil says it has entered into a ‘stalking horse’ purchase agreement with its existing shareholders

The Cirque du Soleil, whose aerobatic shows have been halted by COVID-19, has filed for creditor protection while it develops a plan to restart its business.

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

Cirque du Soleil also announced the termination of approximately 3,480 employees previously furloughed in March.

In connection with the filing, Cirque du Soleil says it has entered into a “stalking horse” purchase agreement with its existing shareholders TPG, Fosun and Caisse de depot et placement du Quebec as well as Investissement Quebec as a debt provider.

It says the sponsors’ bid includes an intent to rehire a substantial majority of the terminated employees, business conditions allowing, when its operations can resume.

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

The Canadian Press


Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Oak Bay pandemic project gets 300 submissions

Gage Gallery exhibit shows how people cope during crisis

Peninsula food bank receives $1,000 donation from local retailer

House of Lily Koi raised the money through the annual food bank fundraiser

Garden-sharing map connects Victoria landowners and gardeners

U-Map created by Young Agrarians after COVID-19 created uptick in garden matching requests

Saanich wins award for climate plan cut from 2020 budget

‘It’s truly an exceptional plan,’ says councillor disappointed with lack of funding

QUIZ: A celebration of dogs

These are the dog days of summer. How much do you know about dogs?

First glimpse of Canada’s true COVID-19 infection rate expected mid-July

At least 105,000 Canadians have tested positive for COVID-19 since the coronavirus was identified

Annual music event in Comox Valley celebrates online instead

Vancouver Island MusicFest holds virtual celebration set for July 10

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Okanagan school drops ‘Rebels’ sports team name, citing links with U.S. Civil War

Name and formerly-used images “fly in the face” of the district’s human rights policy, says board chair

PHOTOS: B.C.’s top doc picks up personalized Fluevog shoes, tours mural exhibition

Murals of Gratitude exhibit includes at least one portrait of Henry alongside paintings of health-care workers

In troubled times: Independence Day in a land of confusion

Buffeted by invisible forces and just plain worn out, the United States of America celebrates its 244th birthday

Stop enforcing sex work laws during COVID-19, advocates say

There are provisions in Canada’s prostitution laws that make workers immune from prosecution, but not from arrest

Most Read