N.Y. City Opera Bankruptcy Looms as Fund Drive Falls Short

A lawyer for New York City Opera said that the 70-year-old company would likely file for bankruptcy protection Wednesday, having failed to reach a $7-million emergency fundraising target, reports Bloomberg.

Attorney Kenneth Rosen said City Opera did not meet the goal by Monday’s deadline and would liquidate in court or be sold to another institution. “There have been many, many generous donors,” he said. “But right now we don’t have the $7-million that we need to go forward with the season.”

Opera officials announced last month that the long-struggling company needed that amount to save the current season and an additional $13-million to continue operations in 2014-15. Last week the opera’s board voted to pursue bankruptcy if it did not hit the short-term target.