Cavalia officially files for bankruptcy protection
Ready to dive into the equestrian drama? The Cavalia group, famous for its spellbinding shows, is facing a financial hurdle as it plunges headfirst into bankruptcy.
Breakdown of Companies in JeopardyThe bankruptcy filings, processed by insolvency trustee Raymond Chabot, involve several companies close to Cavalia's heart, such as Illumi Productions, Centre de création Cavalia, PNL Productions Hivernales, and the parent company, Cavalia itself.
Unveiling the Hidden DebtAccording to court documents obtained by The Canadian Press, Cavalia's debts have piled up to an astonishing $28 million. Topping the list of creditors are Caisse Desjardins du Plateau-Mont-Royal, demanding a whopping $10.4 million, followed closely by Investissement Québec, with $4.4 million on the line.
The Cavalia Web of DebtThe Montreal-based group owes considerable amounts to other financial institutions as well. The Société de développement des entreprises culturelles looms large with a debt of $3.5 million, while Canada Economic Development weighs in with an outstanding balance of $1.8 million.
Creditors' Call to ArmsCreditors' meetings have been set for May 12, when these financial heavyweights will hear the Cavalia group's explanation for their insolvency.
From Equestrian Wonders to Multimedia MagicIn addition to its equestrian adventures, Cavalia embarked on the 'Illumi' project in Laval in 2019. This venture, a multimedia trail showcasing light structures and various themes, met an untimely end in January 2024 when the agreement expired, leaving the city of Laval to take legal action to evict the remaining facilities.
Words from the FounderCavalia's founder and artistic director, Normand Latourelle, expressed his pain and frustration in a statement, acknowledging the broken promises that contributed to the company's current situation. He emphasized that less than 1% of the company's revenue comes from subsidies, instead relying on self-financing and loans with exorbitant interest rates.
A Blaze of Glory and Fading ShadowsCavalia first ignited the stage with its eponymous show in 2003, followed by "Odysseo" in 2011. Both productions left audiences worldwide spellbound, yet fiscal challenges may have ultimately spelled the company's downfall.
This report by The Canadian Press was first published in French on May 5, 2025.
- The bankruptcy filing includes several companies, such as Illumi Productions, Centre de création Cavalia, PNL Productions Hivernales, and Cavalia itself.
- According to court documents, Cavalia's debts amount to a staggering $28 million, with some significant creditors being Caisse Desjardins du Plateau-Mont-Royal ($10.4 million) and Investissement Québec ($4.4 million).
- The Montreal-based group also owes considerable amounts to other financial institutions, including the Société de développement des entreprises culturelles ($3.5 million) and Canada Economic Development ($1.8 million).
- In May 2025, creditors of the Cavalia group, including representatives from the press, finance, and business industry sectors, will meet to hear an explanation for the company's bankruptcy filing.
