Cirque du Soleil affiliate receives U.S. recognition of CCAA order

By Caroline Salls

Pittsburgh, July 17 – Cirque du Soleil Entertainment Group’s U.S. arm CDS U.S. Holdings Inc. obtained a provisional order recognizing the initial order entered in Cirque du Soleil’s Companies’ Creditors Arrangement Act proceedings, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Cirque du Soleil and some of its affiliated companies have filed for CCAA creditor protection in the Superior Court of Quebec in order to restructure its capital structure.

According to a document filed in the Chapter 15 cases, the U.S. cases “serve a critical role in effectuating the marketing of the debtors’ business and assets.”

The company said the sale and investment process seeks proposals for a potential recapitalization of equity investment in, or the sale of, the CDS group’s assets.

In addition, CDS said the Chapter 15 cases prevent stakeholders from filing lawsuits in the United States that will interfere with the restructuring process.

Cirque du Soleil Entertainment Group is a Montreal-based live entertainment company. The Chapter 15 case number is 20-11719.

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