Cavalia Group Faces Financial Collapse, Declares Bankruptcy
Flashy Show Cavalia Folds Under Financial Struggle, Declares Bankruptcy
Known for its dazzling equestrian productions, Cavalia has hit a rough patch, filing for bankruptcy earlier this year due to overwhelming debts of over $28 million. This Quebec-based company, formed by Normand Latourelle in 2002, has seen a steep downfall, as confirmed by Our Site and The Montreal Journal.
According to documents from troupe trustee Raymond Chabot Grant Thornton, the group threw in the towel on April 25, 2024, with the Office of the Superintendent of Bankruptcy. Among the owed sums, notable creditors include Investissement Quebec ($4.4 million), Société de développement des entreprises culturelles (SODEC) ($3.5 million), Développement économique Canada ($1.8 million), and, most significantly, the Caisse Desjardins du Plateau-Mont-Royal seeking to retrieve $10.4 million.
"We're going through this distressing situation unwillingly," Normand Latourelle lamented in a statement to The Montreal Journal. "Only one percent of our revenues came from subsidies, a rarity in a sector often bolstered by state subsidies favoring quasi-monopolies and occasionally foreign interests. We are forever bound to fund ourselves and incur costly loans."
In common with numerous cultural establishments, Cavalia encountered difficulties in overcoming the COVID-19 pandemic, leading to a snowball effect of complications. Its immersive theatrical installation, Illumi, nestled at the junction of Highway 15 and Saint-Martin Boulevard since 2019, closed its curtains at the start of 2024. The City of Laval ended its agreement with the group to reclaim the property, planning to construct a new eco-district.
Last fall, the City of Laval petitioned the courts to force the group to dismantle the Illumi installations, pointing to the unfulfilledempty promise of vacating the land.
Cavalia strived to "create the unexpected and reinvent equestrian and stage arts." Its tours, including Cavalia (launched in 2003) and Odysseo (2011), have captured the imagination of millions worldwide. However, their stunning journey has come to a halt due to financial turbulence.
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- In spite of its captivating equestrian performances, Cavalia, a Quebec-based company established by Normand Latourelle in 2002, declared bankruptcy due to financial struggles, accumulating debts amounting to millions.
- The company's financial distress was confirmed by various sources such as Our Site and The Montreal Journal, with notable creditors like Investissement Quebec, Société de développement des entreprises culturelles, Développement économique Canada, and Caisse Desjardins du Plateau-Mont-Royal seeking millions in repayments.
- The COVID-19 pandemic posed significant challenges for Cavalia, particularly due to closures of installations like Illumi, and a subsequent snowball effect of complications.
- As financial setbacks continue to affect cultural enterprises, one may question their ability to thrive amid post-pandemic shifts in the business, finance, politics, and general-news landscape.
- Known for crafting the unexpected and merging equestrian arts with stage productions, Cavalia's brilliant journey comes to a standstill, heading into an uncertain future.
