Friday, August 7, 2020
Home Health News Cirque du Soleil files for creditor protection amid COVID-19 woes

Cirque du Soleil files for creditor protection amid COVID-19 woes

Cirque du Soleil has filed for creditor protection as the company grapples with financial hardships during the ongoing novel coronavirus pandemic and looks to restart its business.

The move, which was announced on Monday in a statement, means the famous Quebec-based circus and some of its affiliated companies have filed for protection from creditors under the Companies’ Creditors Arrangement Act in Quebec Superior Court. The case is expected to be heard on Tuesday.

“If the court grants the initial order sought, the company will seek its immediate provisional recognition in the United States under Chapter 15 of the U.S. Bankruptcy Code in the United States Bankruptcy Court,” the statement reads.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

READ MORE: Cirque du Soleil artists hold protest over work contracts they say went unpaid

In the statement, Cirque du Soleil added it is entering a “stalking horse” agreement with its existing shareholders TPG, Fosun and Caisse de dépôt et placement du Québec as part of its applications. Investissement Québec will act as a debt provider.

Story continues below advertisement

The circus has been struggling since the COVID-19 health crisis first bore down on Quebec in March. The health crisis led the company to postpone or cancel many of its international shows.

Earlier this month, freelancers and artists held a protest outside the circus’ marquee in Montreal’s Old Port over work contracts they claim went unpaid. They allege they are owed nearly $1.5 million for work.

A look at Cirque Du Soleil: Amaluna

A look at Cirque Du Soleil: Amaluna

—With files from the Canadian Press

© 2020 Global News, a division of Corus Entertainment Inc.

Source link


Please enter your comment!
Please enter your name here

Also Read This

SAQ closes three branches in the Laurentians due to COVID-19 outbreak – National

By Staff The Canadian Press Posted July 29, 2020 9:20 pm     Updated July 29, 2020 9:32 pm Smaller font Descrease article font size -A Larger...

Why China’s wildlife trade ban will help, but not stop, coronavirus – National

China’s decision to ban the trade and consumption of wild animals is the country’s latest bid to win the coronavirus fight.It’s a welcome development,...

How to Protect Kids’ Ears From Constant Headphone Use

Children glued to their headphones. It’s a familiar scene these days.Lauren Breeze of Nashville finds her 15-year-old son, Declan, wearing headphones all day. “He...

‘Raise the bar’: Medical experts call for studies into accuracy of U.S. coronavirus tests – National

How accurate are the coronavirus tests used in the U.S.?Months into the outbreak, no one really knows how well many of the screening tests...


COVID-19 Precautions 

  • Wash your hands frequently .
  • Maintain social distancing,
  • Avoid touching eyes, nose and mouth.
  • Practice respiratory hygiene.