Cirque du Solei

In 2019, Cirque du Soleil sold out shows worldwide and enjoyed annual revenues of $1 billion, and it employed nearly 5,000 people to perform those shows and run the company. When Cirque du Soleil was forced to cancel shows and cut its workforce by 95% due to the pandemic in March of 2020, the company struggled under its debt load as its revenue fell to zero. Cirque du Soleil was at risk of disappearing if it could not be rescued with new capital and some relief from its debts.

Catalyst led a group of creditors to bid for control of the company, and its debt restructuring plan in the fall of 2020 brought in $375 million of new capital. A new board of directors and a reinvigorated management team began preparations which ensured that the show could go on after the pandemic subsided.

Today, Cirque du Soleil is once again selling out shows worldwide and has grown back to its pre-pandemic size.