Cirque du Soleil files for bankruptcy protection; Blue Man Group included

Cirque du Soleil files for bankruptcy protection as COVID-19 cancels shows

Cirque du Soleil files for bankruptcy protection as COVID-19 cancels shows

The company was forced to shutdown all of its productions due to COVID-19, and it is not yet clear on what the future is of those shows, including the new show at Disney Springs - Drawn to Life.

"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.

Cirque du Soleil has filed bankruptcy for bankruptcy protection in Canada, where the company has its headquarters.

The cuts of 3,480 employees come from the over 4,600 individuals who were furloughed back in March, with multiple reports saying that Cirque du Soleil is almost $1 billion in debt.

Cirque du Soleil is filing for bankruptcy protection after months of closure at the hands of COVID-19.

As part of the investment, government body Investissement Québec will provide $200 million in debt financing. After laying off 95% of its employees in mid-March, the company has also released a statement addressing its employees on "temporary leave".

Wirecard UK unlocks customers' cash after FCA freeze
The UK subsidiary is still blocked from transferring its own assets and faces restrictions on where it can hold customer cash. It said in a statement that cardholders and client funds "remain safe and protected".

The CCAA is a Canadian Federal Act that allows large corporations to restructure their finances and avoid bankruptcy, while allowing creditors to receive some form of payment for amounts owed to them.

The firm said it had entered an agreement under which its existing shareholders will take over Cirque's liabilities and invest $300m (£244m) in the business.

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

According to CNN Cirque is almost $1 billion in debt.

With US$300 million, the company will be able to weather the current storm until it can start generating revenue again, likely as soon as its permanent shows in Las Vegas and Orlando can resume. Cirque du Soleil also produces six shows in residence in Las Vegas, including the world-renowned "O" and "The Beatles LOVE", which were also shut down by the pandemic.

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