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

Just Posted

EKC makes $5,000 donation to Elk Valley ultrasound campaign

The EKC challenged other businesses to help the campaign hit its $300,000 target

City of Fernie to extend pilot snow removal program

Councillors voted unanimously on Sep. 17 to extend the program due to a lack of data points and disruption due to the pandemic

14 car batteries cleared from Elk River near Elkford

The ERA is encouraging eager volunteers to reach out to help keep the river clean

Six additional COVID-19 cases overnight in Interior Health region

The total number of cases within the region is now at 486

Record-breaking 165 new COVID-19 cases diagnosed in B.C. in 24-hour period

Fifty-seven people are in hospital battling the novel coronavirus

Interior Health reports four new cases of COVID-19

First hospitalization since mid-August announced

B.C.’s COVID-19 economic recovery plan: Top 5 things you need to know

Jobs training, tax incentives for employers to hire staff and more

March to protect old growth, stop industrial logging coming to B.C. Legislature

Organizers say they want to give frontline communities a bigger say in nearby logging

B.C. releases details of $1.5B economic recovery plan, $660M in business tax incentives

Economic plan includes support for employers, as well as training for workers

‘Not criminally responsible’ hearing slated for man convicted of Abbotsford school stabbing

Gabriel Klein was found guilty in March of killing Letisha Reimer, 13, in 2016

Conservation groups blast province for logging in caribou habitat near Revelstoke

In the last year, 104 cuts have been approved near Revelstoke in caribou habitat

Most Read