CIRQUE DU SOLEIL FILES FOR BANKRUPTCY PROTECTION

The world famous circus du Soleil appealed to the court with a petition for protection against bankruptcy. At the same time, the circus notes that it is not bankrupt.

The circus took this step to avoid insolvency due to the cancellation of performances - the company has zero income. Therefore, an expedient decision was made to “protect the future” of circus. It is known that the company has investors who are ready to take the debt obligations and invest $ 300 million.

We should note that the rumors about the bankruptcy of the Cirque du Soleil appeared in May this year, after the dismissal of 4679 employees. In addition, the circus did not make payments on the debt obligations in spring.

Among the main owners of the circus there are the American company TPG (60%), the Chinese Fosun International (20%) and the Canadian pension fund Caisse de dépôt et placement du Québec (20%). It was previously reported that TPG could benefit from a managed bankruptcy of the circus, turning into a creditor and pushing others away from making the profit out of this process.

Now, apparently, the bankruptcy is being postponed. Most likely, we are talking about restructuring.

We should recall that the circus was founded in 1984 with a base in Canadian Montreal. A distinctive feature of du Soleil is the complete rejection of the participation of animals in performances - the shows are distinguished by an unusual combination of circus art, choreography, music and design. The circus mostly performs in American Las Vegas, but there is also a touring part of the troupe making performances all around the world.