CIRQUE DU SOLEIL has announced that it is ready to reopen after completing refinancing plans.
The world-famous circus group announced in June that it had to lay off almost 3,500 employees who had been furloughed earlier in the year after suffering financial difficulties due to the coronavirus pandemic.
They sought legal protection from creditors while searching for new investment, which has now been finalised.
The company’s headquarters will remain in Montreal and they have announced that recapitalization is complete and they are “laying the ground work for relaunching”.
The President and CEO of the company, Daniel Lamarre will be staying on in the position.
He has said that he was “grateful for the trust our new owners have placed in our management team”.
He went on to say “I am prepared to contribute, along with the new stakeholders, to build upon the successes of the past, apply discipline to our operations and growth and fulfil our mission to bring Cirque’s extraordinary artistic vision to audiences around the world.”
Plans for the new Cirque du Soleil are “enhanced fan experiences, a concerted drive into new markets” as well as “cutting-edge new products and licensing opportunities.”
The new financing “provides the Company with a solid foundation for a successful relaunch,” said the release, and although there were no specific times mentioned for the changes to be introduced, the popular circus is ready to reopen.
After initial negotiations with creditors and a bid backed by the Quebec government, Cirque du Soleil finalized its deal with a group of its creditors that includes Toronto-based Catalyst Capital Group Inc. (CCG).
The company didn’t say whether it planned to rehire many of its former staff, or how its emergence from creditor protection would affect those laid off in the spring.
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