Bankrupt Cirque

And as if we needed any more bad news yesterday, we got it:

Cirque du Soleil, the producer of a number of Las Vegas acrobatic shows, has filed for bankruptcy protection.

In an announcement Monday, the Montreal-based company blamed its situation on the "immense disruption and forced show closures as a result of the Covid-19 pandemic" and is aiming to restructure its debt with assistance from the Canadian government and private equity firms.

Cirque entered a "stalking horse" bid from its largest backers, including a mix of multinational private equity firms from the United States, China and Canada for $420 million. That offer is intended to be a starting point in an auction to draw other bidders.

Cirque is drowning in nearly $1 billion in debt, according to multiple reports. That's becoming increasingly untenable as its productions remain suspended. To help stem the financial loss, Cirque has laid off roughly 3,500 employees.

(https://www.cnn.com/2020/06/29/business/cirque-du-soleil-bankruptcy/index.html)


You talk about talent & entertainment:  Cirque does not disappoint!  We've seen 2 shows (Alegria, Mystere), and both took our breathe away!

I sure hope this one ends in good news.


Grace & Peace & Love to you all -

Matt