New York City Opera to Begin Bankruptcy Proceedings If $7M Is Not Raised by Monday

New York City Opera to Begin Bankruptcy Proceedings If $7M Is Not Raised by Monday

As BroadwayWorld previously reported, in the midst of budget troubles, the famed New York City Opera announced that it might cancel the remainder of its current season, as well as the its planned 2014-15 productions, if the company was unable to raise $20 million by the end of 2013. Now according to the New York Times, the board voted today to begin bankruptcy proceedings if $7 million is not raised by Monday.

Violinist Nancy McAlhany told NYT: "We're so heartbroken, and really, I'd have to say, in shock that it appears that this company is on the brink of nonexistence. This company has been such a glorious experience."

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City Opera moved out of its previous home, Lincoln Center, in 2011 after financial troubles hit. Since its departure, the company, which last year managed to raise the $11.5 million it needed to keep the stage lights up, has performed at various theaters and venues throughout the city.

For nearly seventy years, since Mayor Fiorello La Guardia established it as "The People's Opera," New York City Opera has introduced generation after generation of young singers who are stars in the making, brought the public exciting new works and compelling, fresh interpretations of classics, acted as a champion for American composers and performers, and ensured that every New Yorker can experience the live art of opera.

New York City Opera has been a pioneer in the field of arts education for more than 40 years. Drawing upon the company's adventurous and contemporary approach to opera, NYC Opera Education provides students with a three-dimensional introduction to the art form, from page, to stage, to backstage. Students meet with NYC Opera Teaching Artists and other theater professionals in their classrooms, go behind the scenes to see how productions come together, and watch world-class performances during the season.