On Monday, Cirque du Soleil received a proposal from creditors “that would convert the company’s $900 million in debt into a 100-percent ownership stake.” Also on Monday, Franco Dragone, confirmed his backing Guy Laliberte’s effort to buy back Cirque du Soleil… the Cirque saga continues!
Ex-Cirque Visionary Dragone Joins Laliberte in Buyback Effort
The man who has heightened the art of aquatic productions is making waves again in Las Vegas.
We speak of the esteemed entertainment trailblazer Franco Dragone, creator of “O” at Bellagio and “Le Reve” at Wynn Las Vegas. The veteran producer and director confirmed Monday he has joined Guy Laliberte’s effort to buy back Cirque du Soleil, which would mean a reunion between artistic visionaries who worked together for 13 years ending with “O’s” debut in 1998.
Dragone also directed Cirque’s original Strip production “Mystere” at Treasure Island, and Celine Dion’s “A New Day …” at Caesars Palace after he left the company.
Even as he’s pursued such international projects as “The House of Dancing Water” in Macao, Dragone’s relationships in the city have remained strong. He is further rekindling his affiliation with Las Vegas with the launch of the weekly web series “Las Vegas Creators United…”
Read the Full Article at Review Journal
Cirque du Soleil gets $1.2 Billion Buyout Offer from Creditors
A group of financial lenders is angling to acquire Cirque du Soleil in a possible bankruptcy reorganization — and they may partner with its charismatic co-founder, The Post has learned.
The cash-strapped circus — which was forced in March by the coronavirus pandemic to shutter dozens of shows in cities worldwide — on Monday got a proposal from creditors to inject $300 million into Cirque du Soleil under a bankruptcy restructuring that also would convert the company’s $900 million in debt into a 100-percent ownership stake, according to sources close to the situation.
Under the terms of the proposal,, the lenders will rehire nearly 4,700 circus workers — or 95 percent of the company’s payroll — who were summarily fired in March, and will maintain the company’s headquarters in Montreal, sources said.
Angling to restart productions in the coming months, the creditors believe they can restore operations to breakeven profitability by the end of next year, partly by broadcasting its spectacular acts on TV and online, sources said…
Read the Full Article at New York Post