Affected by coronavirus, Cirque du Soleil evaluates options, including decreeing bankruptcy – 03/26/2020 – Illustrated


Cirque du Soleil Entertainment Group is evaluating options for restructuring debt, including a potential bankruptcy decree, after being forced to cancel presentations due to the coronavirus pandemic, people familiar with the matter said.

The famous Montreal-based circus company, widely known for its Las Vegas performances, had to temporarily dismiss most of its staff after the cancellation of its upcoming shows due to the implementation of social distance measures to prevent the spread of the virus.

Cirque du Soleil is working with restructuring consultants to address a liquidity crisis and its debt of approximately $ 900 million (R $ 4.5 billion), the sources said on Thursday.

Creditors are also consulting with advisers as they prepare to negotiate with the company, the sources said.

Cirque du Soleil has not yet decided how to approach its troubled finances, warned the sources, who spoke on condition of anonymity to discuss deliberations that are still confidential. The company declined to comment.

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