MONTREAL - Members of the comedy world say they're saddened by the cancellation of this year's Just for Laughs Montreal comedy festival, whose years of shows have highlighted some of the industry’s biggest names and launched the careers of many comedians.

Groupe Juste pour rire Inc., the company that operates the festival, said in a news release Tuesday it is seeking protection from its creditors as it begins formal restructuring under Canada's Bankruptcy and Insolvency Act.

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