Source: China State Council Information Office 3
Canada-based Cirque du Soleil Entertainment Group, the world’s leading circus show producer, announced on Tuesday the successful closing of a sale transaction with its secured lenders and its emergence from creditor protection under its Creditors Arrangement Act (CCAA) in Canada and Chapter 15 of the bankruptcy code in the United States.
The closing of this recapitalization marks a significant milestone for Cirque du Soleil, providing the company with a solid foundation for relaunch, which includes driving the business through enhanced fan experiences, a concerted drive into new key markets, backed by roll-out plans for cutting-edge new products and licensing opportunities.
The live entertainment giant also confirmed that Daniel Lamarre will remain as president and chief executive officer, as well as continue to sit on the Board of Directors. The new owners agreed to maintain the company’s headquarters in Montreal.
“I am grateful for the trust our new owners have placed in our management team. I am prepared to contribute, along with the new stakeholders, to build upon past successes, be disciplined in our operations and growth, and fulfill our mission to bring Cirque’s extraordinary artistic vision to audiences around the world,” said Lamarre.
“Together, we have already begun laying the groundwork for the relaunch of Cirque du Soleil and are excited to enter the next chapter of Cirque’s history,” he continued.
As part of the deal, Cirque also announced the appointments of Jim Murren, the former chief executive officer of MGM Resorts, and Gabriel de Alba, a partner at Catalyst Capital Group, as co-chairmen of the board.
The company filed for bankruptcy protection on June 30 after the COVID-19 pandemic forced it to cancel shows and lay off about 95% of its workforce. Cirque du Soleil had just closed “Zumanity” permanently on Nov. 16. The show had played for 17 years on the Las Vegas Strip.
Its Chinese resident show “X: The Land of Fantasy” became its first production to reopen in the world thanks to China’s effective prevention and control of the COVID-19.