The presentation comes three months after he temporarily suspended production of his shows, including six in Las Vegas. It also has around 10 shows on tour around the world, including “O”, “Michael Jackson One” and “The Beatles LOVE”.
Cirque submitted a “stalking horse” offer from its biggest backers, including a combination of multinational private equity firms from the United States, China and Canada for $ 20 million. That offer is intended to be a starting point in an auction to attract other bidders.
The company also received $ 300 million in new funds to “support a successful restart, provide relief to affected Cirque du Soleil employees and partners and take on certain of the company’s outstanding obligations,” it said in the statement.
Cirque is drowning in nearly $ 1 billion in debt, according to multiple reports. That is becoming increasingly unsustainable as its productions remain suspended. To help stop the financial loss, Cirque has laid off approximately 3,500 employees.
“For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization,” said Daniel Lamarre, CEO of Cirque du Soleil Entertainment Group in a statement. “However, with zero revenue since the forced closure of all of our shows due to Covid-19, management had to act decisively to protect the future of the company.”
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