The company Cirque du Soleil filed for bankrupt protection

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The Montreal-based company Cirque Du Soleil, founded in 1984, one of the last few remaining circus acts in the world, has filed for bankrupt protection in Canada.

It was also been forced to suspend the production of some of its biggest shows. That means an estimated 3,500 people having had their jobs with the company terminated. Those who were let go would be given financial compensation, including vacation time and other unemployment benefits. “With zero revenue since the forced closure of all of our shows due to COVID-19, the management had to act decisively to protect the company’s future,” Chief Executive Officer Daniel Lamarre said. The production company is facing as much as $1 billion in debt, and has just received a $300 million injection of fresh capital to help bolster efforts to restart.

The hope to restructure its debt with assistance from the Canadian government and private equity firms. “For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization,” said CEO Daniel Lamarre. In 2000, Cirque du Soleil was awarded the National Arts Center Award, a companion award of the Governor General’s Performing Arts Awards and in 2002 was inducted into Canada’s Walk of Fame.

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