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

Rossland city council set to resume in-person council meetings at Miners Union Hall

Spaced seating, hand sanitization stations will be in facility to mitigate threat of COVID-19

Police investigating car accident on Rossland Hill

Captain Grant Tyson says the rollover resulted in minor injuries to three people

From baseball stars to forest fires: Southeast Fire Centre water bomber has an interesting past

Tanker 489 is stationed in Castlegar this year, but in the 1960s it belonged to the L.A. Dodgers.

Trail RCMP, coroner, investigating fisherman’s sudden death

The Maple Ridge man, in his 50s, died while fishing on a bridge near Trail

Two search and rescue calls involving children end with happy outcomes

The incidents took place in Trail and Salmo area on July 5 and 6

Horgan says B.C. restart making gains as more people come out of their homes

B.C. announced the easing of more restrictions on businesses, recreation and travel last month

National Kitten Day aka the ‘purrfect’ day to foster a new friend

July 10 marks National Kitten Day, a special day to celebrate all things kittens

Lower Mainland YouTubers claim to be Kelowna display toilet ‘poopers’

RCMP can not speak to legitimacy of video, will be investigating

Haida matriarchs occupy ancient villages as fishing lodges reopen to visitors

‘Daughters of the rivers’ say occupation follows two fishing lodges reopening without Haida consent

B.C.’s COVID-19 job recovery led by tourism, finance minister says

Okanagan a bright spot for in-province visitor economy

Conservatives say police should be called into investigate WE charity scandal

Trudeau is already under investigation by the ethics commissioner for potential conflict of interest

Amber Alert continues for missing Quebec girls, 6 and 11, and their father

Police issued the alert for Norah Carpentier, 11, and Romy Carpentier, 6, from Levis, Que.

Limit police access to lethal weapons in Indigenous communities: Justice Summit

Grassroots-organized National Indigenous Justice Summit was a free-to-attend two-day videoconference

Survey, hotline launched amid probe into racist blood-alcohol guessing game at B.C. hospital

Mary Ellen Turpel-Lafond has been appointed to lead an investigation by Health Minister Adrian Dix

Most Read