Reported 4 months ago
The parent company of Montreal’s Just For Laughs comedy festival, Groupe Juste Pour Rire Inc., is selling select assets as part of court-directed bankruptcy protection. Quebec City-based ComediHa! has agreed to acquire some assets in a sale and solicitation process initiated by Just for Laughs for restructuring, pending approval from the Québec Superior Court. The sales agreement is subject to a hearing on June 3, with both parties refraining from public comment until then. The move comes after Groupe Juste Pour Rire announced its restructuring under Canada’s Bankruptcy and Insolvency Act and reveals outstanding debts to secured creditors, including the National Bank of Canada and Bell Media. This development follows the acquisition of Just For Laughs in 2018 by ICM Partners and local Quebec investors, with CAA holding a small stake in the festival post the ICM acquisition and Howie Mandel no longer part of the ownership consortium.
Source: YAHOO