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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Fosun International Limited    656   HK0656038673

FOSUN INTERNATIONAL LIMITED

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Fosun International : Cirque du Soleil files for bankruptcy protection as COVID-19 cancels shows

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06/29/2020 | 05:30pm EDT
FILE PHOTO: Artists perform during Cirque du Soleil's Crystal show in Riga

Canada's Cirque du Soleil Entertainment Group filed for bankruptcy protection on Monday as the COVID-19 pandemic forced the famed circus operator to cancel shows and lay off its artistes.

The Montreal-based entertainment company, which runs six shows in Las Vegas, has struggled to keep its business running amid coronavirus restrictions that started in March, forcing it to lay off about 95% of its workforce and temporarily suspend its shows.

"With zero revenue since the forced closure of all of our shows due to COVID-19, the management had to act decisively to protect the company's future," Chief Executive Officer Daniel Lamarre said.

The company has signed an agreement with its existing investors private equity fund TPG Capital, China's Fosun International Ltd, and Canadian pension fund Caisse de depot et placement du Québec under which the group will take over Cirque's liabilities and invest $300 million to support a restart.

As part of the investment, government body Investissement Québec will provide $200 million in debt financing.

But creditors are unlikely to agree to the deal, which could result in existing debt holders getting about 45% equity in the restructured company, a source familiar with the discussions told Reuters.

TPG, Fosun and the Canadian pension fund, which have held a majority stake in the entertainment company since 2015, will also be responsible for a $15 million employee fund to provide financial assistance to laid-off employees.

Cirque said it will seek protection under the Companies' Creditors Arrangement Act (CCAA), and its application will be heard on Tuesday by the Superior Court of Quebec. It will also seek its immediate provisional recognition in the United States under Chapter 15.

The company also said the artists and show staff of resident shows in Las Vegas and Orlando, which are expected to resume before the rest of its shows, would not be impacted by the layoffs.

(Reporting by Nivedita Balu and Praveen Paramasivam in Bengaluru; Additional reporting by Jessica DiNapoli in New York; Editing by Ramakrishnan M and Aditya Soni)

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Financials
Sales 2020 136 B 19 459 M 19 459 M
Net income 2020 12 352 M 1 765 M 1 765 M
Net Debt 2020 116 B 16 509 M 16 509 M
P/E ratio 2020 6,18x
Yield 2020 3,81%
Capitalization 74 479 M 10 656 M 10 644 M
EV / Sales 2019
EV / Sales 2020 1,40x
Nbr of Employees 71 000
Free-Float 28,7%
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Mean consensus BUY
Number of Analysts 9
Average target price 11,25 CNY
Last Close Price 8,96 CNY
Spread / Highest target 43,1%
Spread / Average Target 25,6%
Spread / Lowest Target 2,18%
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Managers
NameTitle
Qi Yu Chen Co-Chief Executive Officer & Executive Director
Xiao Liang Xu Co-Chief Executive Officer & Executive Director
Guang Chang Guo Chairman
Qun Bin Wang Co-Chairman
Ping Gong Chief Financial Officer & Executive Director
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