Cirque du Soleil seeks financial protection
The producer of several Las Vegas acrobatic shows has filed for bankruptcy. In an attempt to avoid shuttering the organization permanently, Cirque du Soleil decided to seek bankruptcy protection.
The Montreal-based company claimed that the “immense disruption and forced show closures as a result of the Covid-19 pandemic” forced them to file for bankruptcy. Cirque du Soleil is reportedly billions of dollars in debt. To ease the financial strain, Cirque has laid off roughly 3,500 employees.
Cirque du Soleil, best known for its mesmerizing shows that fuse acrobatics with performance art, filed for bankruptcy Monday as the coronavirus continues to ravage the entertainment and theater industries. https://t.co/Urs4UWzxri
— NBC Nightly News with Lester Holt (@NBCNightlyNews) June 30, 2020
However, the closure caused the company to bring in zero revenue, so Cirque du Soleil will begin to restructure its debt with help from the Canadian government and private equity firms. Cirque du Soleil was forced to suspend six Las Vegas productions and cancel about 10 shows on the tour.
Although Cirque entered a “stalking horse bid,” the company did receive fresh funding to support a “restart.” The money will also go toward providing relief or Cirque du Soleil’s affected employees and partners.
Cirque du Soleil is one of the biggest names in acrobatics, mime, and modern circus acts. People line up to see the award-winning stage shows, and the company has hosted productions in over 300 cities over the course of the last 36 years.
By: Maytinee Kramer