Billionaires, americans and chinese seek the help of Quebec, to pay employees and suppliers of the Cirque du Soleil while they continue to rake elsewhere of astronomical profits, a situation denounced by an expert.
Cirque du Soleil has added to the end of march, several lobbyists to represent them before the government of Quebec. Among these, Manon Brouillette, former boss of Videotron, and Mitch Garber, president of the board of directors of Cirque du Soleil.
The objective : get a financial assistance of Québec to pay for such ” expenses of operation, including suppliers and creditors “. The assistance is claimed, ” following the suspension by the Group Cirque du Soleil of its business activities on a global scale due to the pandemic of the COVID-19 “.
According to The Press, employees and suppliers of the Circus have not yet been paid for the work done there was more than a month.
Using claimed, ” could be in the form of a grant, loan, or injection of capital “, according to the warrant.
The request of the Circus pushed a expert. “We can raise the question as to the responsibility for the symbolic and the corporate Circus. Is it that they have a “solidarity ?” asks Louis Patrick Leroux, professor and vice-dean at Concordia University.
He underlines that the foreign owners of the Circus, a us fund and a chinese group (see below), are rich to overflowing. The third shareholder of the Circus is the Caisse de dépôt et placement du Québec.
The current problems of the Circus are due in the first place to the huge debt of a billion US $ to the fund texan TPG has decided to allocate to the Circus to finance themselves in 2015, according to Mr. Leroux.
“They’ve found the way to take the debt purchase and the return against the business being purchased. It is a way of putting itself in a favourable position, they don’t hang around debt-free, ” he says.
The expert from Concordia points out that the Circus was already in a precarious situation before the pandemic. “They have lost tens of millions in some projects,” he says.
For the past two years, the Circus was trying to bail out by adopting a vision of a more corporatist, according to him.
“There is a part of the soul of the Circus which is in the process of starting “, he believes.
“I faced a frustrating situation. It protects foreign investors, while playing the chords national […]. I understand that many are frustrated, ” he says.
The shareholders of the circus
TPG (60 %)
- Private fund u.s. 119 (US $ billion)
- Its president is David Bonderman (personal fortune of $ 3.7 billion, US$)
FOSUN (20 %)
- Chinese group
- Revenues in 2019 : $28 billion
- Profits in 2019 : $2.9 billion