Cirque du Soleil Entertainment Group has filed for protection from creditors in Canada as its global circus shows remain shuttered during the coronavirus pandemic.
Montreal-based Cirque du Soleil is seeking bankruptcy protection under the Companies’ Creditors Arrangement Act to restructure its balance sheet, the company said on Monday.
The application will be heard by the Superior Court of Quebec on Tuesday. Cirque du Soleil also disclosed that it has entered into a court-supervised purchase agreement with its existing shareholders — including Texas-based TPG Capital, with a 55 percent stake and China's Fosun Capital Group, with another 25 percent stake — and Quebec debt holders to acquire the company's assets with a combination of cash,.
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