Montreal-based entertainment company Cirque du Soleil has filed for bankruptcy protection.
The company, famous for its Las Vegas acrobatic shows, announced Monday, June 29, that it was filing for protection from creditors under the Canadian Companies’ Creditors Arrangement Act (CCAA). The company is seeking Chapter 15 recognition in the United States Bankruptcy Court. In a press release, the company cited “immense disruption and forced show closures as a result of the COVID-19 pandemic” as the reason for the capital restructure.
Troubles Prior to Pandemic
However, trouble for the company, which was purchased in a 2015 leveraged buyout by TPG Capital, may have been brewing long before the pandemic. At the end of 2019, Cirque du Soleil had $1.47 billion in liabilities, approximat…