New York City Opera to Sell Name, Thrift Shop?

The New York Times writes that the bankrupt New York City Opera is in talks to sell its company name and thrift store on East 23rd Street to a group led by Michael Capasso (who founded and directs Dicapo Opera Theater), who has plans to revive the defunct opera.

Read the original story here.

NYC Opera's proposal will have to be vetted in federal bankruptcy court, and also to be considered is the fact that Capasso's Dicapo Opera Theater was sued in 2013 by the musicians' union for failing to pay wages and benefits.

But Capasso has reportedly raised $2.6 million to bring NYC Opera back up and running. NYC Opera has also allegedly refused proposals from Brooklyn Academy of Music and others in favor of Capasso's plan under the group NYCO Renaissance.

This deal comes to light just after the United States Bankruptcy Court ordered NYC Opera "to file a motion by December 18 seeking the court's approval for a sale" at auction before the court. If the company's assets are auctioned, this gives other buyers the opportunity to bid. The City Opera has already auctioned off many of its sets, costumes and instruments.

It is still unclear how the City Opera will play the debts it owes to ticket holders and other groups; $4.5 million remains in their endowment fund, which isn't part of the deal.

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