N.Y. City Opera Eyes Bankruptcy as Emergency Campaign Stalls
September 27, 2013 | Read Time: 1 minute
New York City Opera’s board voted Thursday to begin bankruptcy proceedings if the long-struggling organization fails to hit a $7-million fundraising target by Monday, reports The New York Times.
The 70-year-old company said earlier this month that it needed to raise $7-million by the end of September to stage its three remaining productions this season. City Opera officials said it has drawn $1.5-million since making the emergency appeal.
The emergency appeal also sought $13-million by the end of the year to put on a 2014-15 program, but officials said the board decided to file for bankruptcy Tuesday and begin winding down City Opera’s affairs if the troupe is forced to cancel the rest of this season.
The company has faced mounting fiscal problems in recent years and has been itinerant, mounting only a handful of operas per year, since opting in 2011 to leave hits longtime home at Lincoln Center.
