Cirque du Soleil has filed for bankruptcy. They have six shows on the Las Vegas Strip.
Cirque du Soleil shut down all 44 of its worldwide shows in March because of the coronavirus. They have laid off 95% of their employees. The company is reportedly $900 million in debt.
The filing also allows the company protection from creditors to reduce its debt load, reported to be at least $900 million. The move also sets a “stalking horse” purchase agreement with current investors, led by TPG Capital. From the announcement, “The purchase agreement sets the floor, or minimum acceptable bid, for an auction of the company under the court’s supervision pursuant to the SISP (Sale and Investor Solicitation Process), which is designed to achieve the highest value available or otherwise best offer for the company and its stakeholders.”
That means Cirque is available at a reduced, undisclosed price for a half-dozen suitors, including a consortium led by company co-founder Guy Laliberte, and another from the Canadian communications conglomerate Quebecor. The other parties who have entered the bidding process have not been made public, and today all of the potential investors are under nondisclosure agreements.
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