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

October kicks off with inaugural Cumberland Fungus Fest

Submitted to The Record The Cumberland Community Forest Society (CCFS) is presenting… Continue reading

Comox Valley Child Development Association introduces Telethon ambassador

Leo Larmand — clad in a headband and multi-colored shorts, standing atop… Continue reading

Collaborative Perseverance Creek land purchase expands Cumberland Community Forest

Submitted to The Record A major land purchase for the Cumberland Community… Continue reading

Comox Valley Toy Library is re-opening

The Comox Valley Toy Library is re-opening on Saturday, Oct. 3 from… Continue reading

Comox Valley family a second-generation YANA family

It was early on a fall morning that Amber Van Der Mark… Continue reading

B.C.’s top doctor encourages Halloween costumes to include masks

Dr. Bonnie Henry will soon be releasing guidelines on how to safely trick-or-treat this Halloween

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Federal child-care plan could help Canada rebound from COVID-induced economic crisis: prof

A $2 billion investment this year could help parents during second wave of pandemic

Action demanded over death of First Nations youth in Abbotsford group home

Family and Indigenous organizations push for thorough investigation

B.C. nurses report rise in depression, anxiety, exhaustion due to pandemic

A new UBC study looks into how the COVID-19 response has impacted frontline nurses

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Parksville pedestrian airlifted to hospital in Vancouver after nighttime collision

Police report man’s injuries were ‘significant’ but not life-threatening

Horgan frustrated as Transport Canada mandate for BC Ferry riders returns

Transport Canada reinstates rule that bans passengers from lower decks

Shoplifting suspect allegedly spits on worker at store in Nanaimo

Suspect became aggressive when confronted by loss prevention officer at Walmart, say RCMP

Most Read