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MarketScreener Homepage  >  Equities  >  Nyse  >  MGM Resorts International    MGM

MGM RESORTS INTERNATIONAL

(MGM)
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Cirque du Soleil emerges from bankruptcy protection

11/24/2020 | 03:18pm EST
Seats are taped in order to maintain social distancing at a theatre where the Cirque du Soleil

(Reuters) - Canada's Cirque du Soleil Entertainment Group said on Tuesday it had emerged from bankruptcy, after the COVID-19 pandemic forced the famed circus operator to cancel shows and lay off artists earlier this year.

The once high-flying Cirque, which grew from a troupe of street performers in the 1980s to a company with global reach, has slashed about 95% of its workforce and suspended shows due to the pandemic.

It had filed for bankruptcy protection in June and reached a new purchase agreement with secured lenders shortly after.

A group of creditors, led by Catalyst Capital Group, had bid to take control of the Montreal-based circus group in July, replacing a deal with Cirque shareholders that included debt financing from a Quebec government body.

As a part of the deal with its creditors, Cirque said it would add the former chief executive officer of MGM Resorts Jim Murren and Gabriel de Alba, a partner at Catalyst Capital Group, to its board.

Daniel Lamarre will continue as the chief executive officer of Cirque and the company will keep its headquarters in Montreal.

The company said http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20201124:nPnfTf0wa&default-theme=true it had closed the purchase agreement with its secured lenders to emerge from the Companies' Creditors Arrangement Act in Canada and Chapter 15 in the United States.

(Reporting by Nivedita Balu in Bengaluru; Editing by Amy Caren Daniel)


© Reuters 2020
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Financials (USD)
Sales 2020 5 198 M - -
Net income 2020 -1 049 M - -
Net Debt 2020 7 079 M - -
P/E ratio 2020 -14,8x
Yield 2020 0,54%
Capitalization 15 103 M 15 103 M -
EV / Sales 2020 4,27x
EV / Sales 2021 2,65x
Nbr of Employees 72 000
Free-Float 85,4%
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Technical analysis trends MGM RESORTS INTERNATIONAL
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 19
Average target price 29,17 $
Last Close Price 30,53 $
Spread / Highest target 31,0%
Spread / Average Target -4,44%
Spread / Lowest Target -34,5%
EPS Revisions
Managers and Directors
NameTitle
William Joseph Hornbuckle President, Chief Executive Officer & Director
Paul Jude Salem Chairman
Corey I. Sanders Chief Operating Officer
Jonathan S. Halkyard Chief Financial Officer & Treasurer
Roland A. Hernandez Lead Independent Director
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