Cirque du Soleil Emerges from Creditor Protection, Makes Future Plans Cirque du Soleil Entertainment Group has closed a sale with its secured lenders, allowing it to emerge from creditor protection under the Companies' Creditors Arrangement Act ("CCAA") in Canada and Chapter 15 in the United States. CDS said in a statement, "The closing of this recapitalization marks a significant milestone for Cirque du Soleil, as it provides the Company with a solid foundation for a successful relaunch, which includes driving the business through enhanced fan experiences, a concerted drive into new key markets, backed by rollout plans for cutting-edge new products and licensing opportunities." Daniel Lamarre will stay on as president and CEO and will also be on the board of directors. The new owners agreed to maintain the company's headquarters in Montreal. Joining the board is Jim Murren, former chairman and CEO of MGM Resorts International, along with Gabriel de Alba, managing director and partner of Catalyst Capital Group, which is one of the creditors now in ownership. According to Bloomberg.com, CDS' Vegas shows, and a new show planned for Florida are likely to be the soonest to open. (One Vegas show, Zumanity, closed recently; the others are still on hold.) Bloomberg also says CDS "wants touring shows to devote more time to large markets like New York, Toronto, or Tokyo, and less to smaller destinations," according to Lamarre. The company hasn't decided yet if the number of productions will be scaled back." CDS filed for creditor protection in June, faced with the shutdown of its 44-show empire, thanks to the pandemic. Bloomberg adds, "The restructuring saw first-lien creditors wind up with virtually all of the equity, while shareholders including TPG and Quebec's pension fund had their equity wiped out. The new owners are injecting $375 million into the relaunch." 
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