Company that operates Just for Laughs owes nearly $22.5 million: court documents
Court documents show the company that runs the Just for Laughs comedy festival owes nearly $22.5 million to creditors.
Groupe Juste pour rire Inc. announced Tuesday that it was seeking creditor protection and cancelling this year's festival in Montreal, and said Wednesday that the Toronto event would be getting the axe too -- at least temporarily.
The papers filed in Quebec's Superior Court show Juste pour rire owes $16.6 million to the National Bank of Canada.
It also owes nearly $2 million to the Business Development Bank of Canada and more than $2.5 million to the Societe de developpement des entreprises culturelles, a Quebec government agency.
A spokesman for the company declined to comment on the financial situation.
Juste pour rire announced Tuesday that it had laid off 75 employees -- roughly 70 per cent of its workforce -- as it looks to restructure.
- This report by The Canadian Press was first published on March 7, 2024.
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