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IPFS News Link • Economy - Recession-Depression

Las Vegas Icon Cirque Du Soleil Files For Bankruptcy

• Zero Hedge - Tyler Durden

For everyone who went to Vegas year after year and instead of going to one of the remarkable Cirque du Soleil performances would visit... less reputable "shows", we have some bad news: you are now out of luck, because as the Las Vegas Review Journal reports, Cirque du Soleil - the Las Vegas Strip's preeminent production company for more than two decades - has filed for bankruptcy protection, in which existing stakeholders have a "stalking horse" agreement to acquire the company, setting the minimum price for an auction.

According to the report, the company which had six productions on the Strip, announced Monday morning from its Montreal headquarters it was seeking a debt restructuring protection under its home country's Companies' Creditors Arrangement Act (CCAA). The company said in its filing announcement the bankruptcy filing and refinancing move was "in response to immense disruption and forced show closures as a result of the COVID-19 pandemic."

In March, Cirque du Soleil shut down all 44 of its shows and laid off 95% of its work force, including more than 1,300 in Las Vegas in response to the covid shutdowns.