Cirque du Soleil, Las Vegas Strip mainstay, filing for bankruptcy protection amid coronavirus

Cirque du Soleil, Las Vegas Strip mainstay, filing for bankruptcy protection amid coronavirus

Cirque du Soleil announced Monday it is filing for bankruptcy protection as the coronavirus pandemic continues to rattle the world.

The entertainment group is working to "restructure its capital structure," according to a statement. Its application will be heard by the Superior Court of Quebec on Tuesday. Once given this initial order, it will file for Chapter 15 bankruptcy protection in the U.S.

Cirque du Soleil is an institution on the Las Vegas Strip, with its pricey, mesmerizing shows high on visitors’ vacation agendas. The company had six shows operating in major Las Vegas casino hotels when coronavirus crushed travel and closed casinos for nearly three months: "O," "Zumanity,’" "The Beatles LOVE," "Ka," "Mystere," and "Michael Jackson ONE."

Major shows like Cirque have not reopened in Las Vegas under the state's reopening guidelines covering large crowds. Cirque shut down its shows in Las Vegas and across the world on March 14.

"From the very beginning of the new coronavirus outbreak, (Cirque du Soleil) took rigorous measures to protect its work teams and the public," a statement said at the time. "Our priority has always been, and remains, the health and safety of our artists, our partners, our employees and our audiences. We will continue to monitor and assess the situation to determine when shows will resume."

People with tickets for canceled performances were set to be refunded within 30 days.

Along with the bankrupcy filing, the company has entered into a purchase agreement with its shareholders TPG, Fosun, and Caisse de dépôt et placement du Québec, and Investissement Québec as a dept provider. These sponsors would acquire the company's assets. Per the agreement, the sponsors would inject $300 million of liquidity into a restructured business to support a restart, give relief to affected employees and partners, and pay for some the company's remaining liabilities (such as ticketholders needing refunds). Investissement Québec will give $200 million in debt financing.

Las Vegas reopening:Here's your guide to what's open and what's closed

Oooh:Here's what it was like on the Las Vegas Strip on the first day of Nevada's mask mandate

Source: https://www.usatoday.com/story/travel/news/2020/06/29/cirque-du-soleil-files-bankruptcy-protection-amid-coronavirus/3279279001/

News Related

ORTHER NEWS

Trump’s ‘mission accomplished’ moment is premature and deadly. We have not defeated COVID.

Desperate for crowds and adoration, Trump has put his most fervent supporters at risk of getting a deadly disease. Future historians will be astonished. Read more »

NFLPA president JC Tretter says NFL is putting season, players at risk with its coronavirus approach

NFL Players Association president JC Tretter said Tuesday the NFL is putting the 2020 season at risk with its coronavirus approach, calling on the league to better “prioritize player safety.” “Like many other... Read more »

Brazilian President Jair Bolsonaro says he tested positive for the coronavirus

RIO DE JANEIRO (AP) — Brazil’s President Jair Bolsonaro says he has tested positive for COVID-19 after months of downplaying the virus’ severity. Bolsonaro confirmed the test results while wearing a mask and... Read more »

Venice Film Festival forges ahead amid COVID-19 pandemic with reduced lineup

The show will go on for the Venice Film Festival in September, but with a few modifications due to the COVID-19 pandemic. Organizers said Tuesday that they are pushing forward with plans for... Read more »

Amtrak offers buy-one, get-one promotion on its sleeper trains amid COVID-19 — with a catch

Amtrak wants you to have sweet dreams the next time you travel — so much so that it’s sweetening the deal on its sleeper “roomettes.” The rail service is offering a buy-one-get-one-free discount... Read more »

Florida teen treated with hydroxychloroquine at home before dying of COVID-19, report says

FORT MEYERS, Fla. – The family of a 17-year-old Florida girl who died last month from COVID-19 treated her symptoms at home for nearly a week before taking her to a hospital, a... Read more »

Mookie Betts worried MLB coronavirus testing woes could prevent him from ever playing for Dodgers

During nearly four months away from the game, Mookie Betts said he “stayed away from baseball to keep myself sane.” It’s not hard to understand why. The 2018 American League Most Valuable Player... Read more »

Tom Hanks doesn’t get ‘how common sense has somehow been put into question’ with coronavirus

Read more »

Can Gov. DeSantis force Florida schools to reopen amid the coronavirus pandemic? Some school leaders seem doubtful.

PALM BEACH, Fla. — As concern about the state order spread online, some school leaders said: Not so fast. As Florida educators puzzle over how to start the new academic year, Gov. Ron... Read more »

Texas surpasses 200,000 coronavirus cases after 4th of July holiday weekend

AUSTIN, Texas – Texas reached 200,000 total COVID-19 cases Monday, just 17 days after crossing the 100,000 threshold, a figure that took the state nearly four months to hit. The grim milestone came... Read more »