New headache for Guy Laliberté

Nouveau mal de tête pour Guy Laliberté

The co-founder of Cirque du Soleil, Guy Laliberté, could lose big in the context of the restructuring procedures of Coalision, the company owner of the popular boutiques and brand clothing yoga Lolë.

The Group Red Moon, the company’s portfolio of Guy Laliberté, is on the long list of creditors of the company in difficulty, with a shortfall of $ 5 million, or 10 % of the total debt of the quebec-based company today in difficulty.

Forced into bankruptcy, Coalision has appealed to the courts earlier this week to guard against any legal action from creditors under the bankruptcy and insolvency act.

According to the preliminary documents, prepared by Deloitte, the bankruptcy trustee in the folder, Coalision has accumulated over years of debt a little less than$ 50 Million, with not less than 230 companies and individuals.

Red moon and other

The amounts owed to its hundreds of employees and thanked them in Canada and the United States do not yet seem to have been considered or quantified by the company and its subsidiaries in difficulty.

The president and chief operating officer of Coalision, the American Todd Steele of San Francisco, did not respond to our request for an interview about this.

Red moon is one of the four principal creditors of Coalision, which owes to him the tidy sum of$ 5 Million. In addition to Guy Laliberté, who covets since little the redemption of the Cirque du Soleil, which he founded, Red Moon is co-directed by Robert Blain, a former auditor became chief financial officer of the Circus in the early 2000s.

The other main creditors concerned by the turmoil of Coalision are CIBC, with$ 17.2 Million of the shortfall, Simon Coalision Investment San Francisco ($15.3 Million) and Pelican II Investment Fund ($6.6 Million), a limited partnership headed by the ex-CEO, Bernard Mariette.

A bankruptcy possible

Among the unsecured creditors, the companies of delivery and logistics seem to be most at risk. According to the available documents, Coalision has failed to pay for 280 000 $ for bills of UPS and 191 272 $ C. H. Robinson Worldwide.

The real estate company Prime Properties (148 564 $), and Rakuten Marketing (99 105 $) are also among those who could lose the most.

It has not been possible to speak with the trustee. In principle, the parent company of Lolë must make a repayment proposal to its creditors. If they refuse, the one that we found behind the brands Lolë and Paradox may have to do bankruptcy.

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