Court Approves Purchase of Bankrupt New York City Opera By NYC Opera Renaissance

Nicknamed "the people's opera company" by New York Mayor Fiorello La Guardia when it was founded in 1943, New York City Opera's mission had always been to make the art form more accessible and affordable.

As opposed to the lush and traditional Metropolitan Opera Company, City Opera featured younger, lesser-known performers and a repertory that mixed the classics with contemporary works and even some classic Broadway musicals.

But times have been especially hard on City Opera in the new century and the company filed for bankruptcy in 2013. As a part of the bankruptcy sale process, New York City Opera had previously selected a proposal from a company named the NYCO Renaissance, among a number of others, to purchase its assets, including intellectual property assets such as its name and trademark.

The New York Times reports a sale and reorganization plan has been confirmed by Judge Sean H. Lane of United States Bankruptcy Court in Manhattan.

NYCO Renaissance, hopes to use the City Opera name by next week, when it presents Puccini's TOSCA on Jan. 20-24 at the Rose Theater at Jazz at Lincoln Center.

"We plan to do everything we can to bring extraordinary opera to New York City and the world," said Roy G. Niederhoffer, a hedge fund manager who is NYCO Renaissance's chairman. "And to do it in a financially responsible way, and be worthy of its long tradition."

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