VStar Entertainment Group has permanently laid off 139 employees after parent company Cirque de Soleil Entertainment Group filed for bankruptcy while it figures out how to restart operations that halted abruptly because of the coronavirus.
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Cirque's CCAA application will be heard on Tuesday by the Superior Court of Quebec.
The company also entered a so-called stalking horse purchase agreement with its three stakeholders: TPG Capital, China-based Fosun, and the Canadian pension fund manager Caisse de dépôt et placement.
"For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization", said Daniel Lamarre, president of Cirque du Soleil Entertainment Group.
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According to CNN, the company is almost $1 billion in debt.
The company says it will lay off more than 3,500 people.
Among the Las Vegas shows impacted by the closing of the theaters were "Mystère" at Treasure Island, "O" at the Bellagio, "Zumanity" at New York New York, "KÀ" at the MGM Grand, "The Beatles LOVE" at The Mirage, "Michael Jackson ONE" at Mandalay Bay and "Blue Man Group".
Under a confidentiality agreement, Lamarre said he's not at liberty to provide details. However, they also said they plan to reopen the show when allowed to do so. Last year, it added Works Entertainment and its troupe of magicians called the Illusionists to its portfolio before striking a separate deal to make feature-length films with the company that co-produced the hit "The Lego Movie".
Investissement Québec will serve as its debt provider under the restructuring.