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  • Mitch Garber to step down as chairman of Cirque du Soleil

    Mitch Garber to step down as chairman of Cirque du Soleil

    Mitch Garber announced on Monday that he will be stepping down as chairman of the board of the Cirque du Soleil. This comes on the heels of an ownership change at the financially troubled circus company. Last month, a group of creditors won control of the Montreal-based company. The creditors’ group represents holders of about $760 million in Cirque du Soleil debt. One of the main companies in the group is Toronto-based Catalyst Capital Group.

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  • Cirque’s new owners eye next leap: the home audience

    Cirque’s new owners eye next leap: the home audience

    Toronto private equity firm Catalyst Capital Group Inc. scooped up Cirque du Soleil’s debt this past spring at barely half its face value. Now, it’s betting it can restore the famed circus troupe to its past glory by imposing greater financial discipline and bringing its live entertainment to your screens at home.

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  • Cirque du Soleil Creditors Win Control; TPG, Fosun Wiped Out

    Cirque du Soleil Creditors Win Control; TPG, Fosun Wiped Out

    Lenders to Cirque du Soleil Entertainment Group won control of the company in a court-supervised restructuring. The bid by the creditors’ group, which represents holders of about $760 million in Cirque debt and includes Toronto-based Catalyst Capital Group Inc., must still receive the approval of a Canadian court. Lenders are planning to inject $375 million of new capital into the Montreal-based company to restart its shows.

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  • Cirque Accepts Lenders’ Bid, Sidelining TPG

    Cirque Accepts Lenders’ Bid, Sidelining TPG

    Cirque du Soleil Entertainment Group, which is restructuring under court protection in Canada, accepted a recapitalization offer from a group of lenders, people with knowledge of the matter said. The offer, previously reported by Bloomberg, was accepted by a committee of Cirque’s board Tuesday night, the people said, asking not to be identified because the information is private.

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  • Nakotah LaRance dies at 30

    Nakotah LaRance dies at 30

    Champion hoop dancer Nakotah LaRance, who traveled the world performing with Cirque du Soleil then returned to New Mexico to coach youth dancers, has died at age 30. LaRance, who was Tewa, Hopi, Navajo and Assiniboine, died Sunday after he accidentally fell from a bridge in New Mexico's Rio Arriba County, said his father, Steve LaRance.

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  • Cirque Owes Robert Lepage and Several Others

    Cirque Owes Robert Lepage and Several Others

    Cirque du Soleil, which took shelter from its creditors last month, owes dozens of Quebec suppliers millions of dollars. In particular, Cirque owes $ 210,000 to a company belonging to the theater man Robert Lepage and more than $ 150,000 to costume designer Jean-François Rochefort.

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  • Cirque creditors preparing offer for insolvent company

    Cirque creditors preparing offer for insolvent company

    The Cirque du Soleil's creditors are finalizing an agreement that could replace the one put forward by the insolvent entertainment company's shareholders. The turn of events was disclosed Friday at the Quebec Superior Court. Shareholders including the Texan fund TPG Capital, the Chinese firm Fosun and the Caisse de depot have presented a so-called stalking horse bid valued at about US$420 million.

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  • Cirque Lenders Fighting Company’s Restart Plan

    Cirque Lenders Fighting Company’s Restart Plan

    Cirque's creditors are upset, to put it mildly, at the company's restructuring plan announced June 29 by company CEO Daniel Lamarre. The lenders who hold most of Cirque's nearly $1 billion million debt are not accepting a bid by the company to seek bankruptcy protection.

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  • Rival bid for Cirque Involved NO Layoffs or Public Handouts

    Rival bid for Cirque Involved NO Layoffs or Public Handouts

    A group representing the majority of creditors owed money by the Cirque du Soleil presented a formal offer to acquire the Cirque two weeks ago and it was a deal that included no layoffs and no government handouts. It would have also ensured that control of the Montreal-based circus remain in Quebec.

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  • In addition to debt, Cirque’s net loss increased too

    In addition to debt, Cirque’s net loss increased too

    Cirque du Soleil was in a vulnerable position before the COVID-19 pandemic paralyzed its activities, according to a report. Carried out by Ernst & Young – the firm overseeing Cirque du Soleil’s restructure under creditor protection – the report shows the company’s net loss gradually increased from USD $10 million to USD $80 million from 2017 to 2019. As of March 31, the company’s various debts totalled nearly USD $1.6 billion, according to a document filed with the Superior Court of Quebec.

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  • Lenders Want CEO Lamarre out of Cirque du Soleil

    Lenders Want CEO Lamarre out of Cirque du Soleil

    A group of lenders angry over Cirque du Soleil’s bankruptcy plans are mulling a plan to remove Lamarre, who has been Cirque’s CEO since 2001. The lenders want to squash Cirque’s plan to give TPG and the other investors a 55-percent stake in the company in exchange for a $400 million lifeline. If the judge refuses this request, they plan to ask him to replace Lamarre as CEO and as a board member.

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  • Don’t Blame the Virus for Cirque du Soleil’s Trouble

    Don’t Blame the Virus for Cirque du Soleil’s Trouble

    You might have heard that Cirque du Soleil filed bankruptcy yesterday. As you might expect, the company blamed those shutdowns for its troubles. The filing should not have surprised anyone who's been watching the industry. Cirque was in trouble since long before "coronavirus" entered everyone's vocabulary.

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  • Cirque Announces Comprehensive Plan to Restart Business

    Cirque Announces Comprehensive Plan to Restart Business

    Cirque du Soleil announced today that it and certain of its affiliated companies have filed for protection from creditors under the Companies' Creditors Arrangement Act ("CCAA") in order to restructure its capital structure. Its application under the CCAA will be heard tomorrow by the Superior Court of Québec. If the Court grants the initial order sought, the Company will seek its immediate provisional recognition in the United States under Chapter 15 of the US Bankruptcy Code in the United States Bankruptcy Court.

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  • Cirque du Soleil Files For Bankruptcy

    Cirque du Soleil Files For Bankruptcy

    In a move that would have been unheard of even a year ago, Cirque du Soleil, the Las Vegas Strip’s preeminent production company for more than two decades, has filed for bankruptcy. The company, which has six productions on the Strip, announced Monday morning from its headquarters in Montreal it was seeking a debt restructuring protection under its home country’s Companies’ Creditors Arrangement Act (CCAA).

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  • Laliberté accepts Dragone’s support — but not financially

    Laliberté accepts Dragone’s support — but not financially

    Two men who changed the trajectory of entertainment in Las Vegas, Guy Laliberté and Franco Dragone, still share a creative passion. They are forever linked by their history in Cirque du Soleil. But they are not connected financially. This is a critical reminder as Laliberté attempts to reclaim ownership of the financially beleaguered Cirque, while Dragone attempts to fend off tax-fraud charges in Belgium.

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