The economic impact of the global coronavirus pandemic continues to be felt by the entertainment industry as yet another company is revealed to be in dire financial straits brought about by the pandemic. Montreal-based entertainment company Cirque du Soleil has recently announced that it has filed for bankruptcy.

CNN reports that the company has had zero revenue for the past three months due to show closures brought about by the global coronavirus pandemic. Six of its Las Vegas shows have had to shut down, while shows like The Beatles LOVE, Michael Jackson One, and O have had to stop their worldwide tours.

According to CNN, Cirque du Soleil is currently grappling with a massive $1 billion debt, with no productions bringing in money to bring down that number.

People reports that the company intends to save itself through an agreement with its existing stakeholders Caisse de dépôt et placement du Québec, Fosun, TPG, and bringing in Investissement Québec as a debt provider.

The stakeholders will be taking control of Cirque de Soleil’s equity, debt, and cash in order to raise $20 million that will then be used to provide relief for the company contractors and employees.

The stakeholders are also expected to put up $300 million that is expected to help restart Cirque du Soleil, aside from providing relief for employees and partners. The stakeholders are also expected to deal with the ticketholders affected by the canceled performances.

Cirque du Soleil has also announced that 3,480 furloughed employees last March will now be let go and provided with financial compensation. Despite the termination, the company has expressed that the plan is to rehire the majority of them once they reopen and are in a better financial position.

Aside from live entertainment companies like Cirque du Soleil, the film industry is also reeling from the economic damage brought by the global coronavirus pandemic. Last March, the North American film industry suffered a $600 million deficit because of coronavirus-induced movie theater closures.

Theater closures in huge markets like South Korea and Japan are also expected to result in a $5 billion loss for the global film industry.

Whether Cirque du Soleil will be able to stage shows anytime soon is still an unanswered question as the global coronavirus pandemic continues to be a problem for the rest of the world. The June 29 situation report from the World Health Organization reveals that 10,021,401 people around the world are confirmed to have COVID-19. The number of people that have died from COVID-19 globally is now at 499,913.