New York City Opera's Remaining Assets to be Sold in January
After filing for bankruptcy in 2013, New York City Opera's remaining assets will be sold on Jan. 20, the United States Bankruptcy Court ruled last week. Should multiple bidders be interested, an auction will be mounted.
As previously reported, the U.S. Bankruptcy Court has denied the opera's fifth request for a three-month deadline extension. If the Dec. 18 deadline is met, "potential suitors will have 30 days to review its plan and, if they wish, submit a competing bid. After this period, Judge Lane will hold a court-supervised auction as early as January awarding NYCO's assets."
Gene Kaufman, architect and businessman, said earlier this month:
"The time is well past due for the debtor to propose an exit strategy so that it can fulfill its mission statement-the production of opera to the NYC community." He is interested in launching an opera company with the City Opera's name in 2015.
City Opera's attorney, Kenneth A. Rosen of Lowenstein Sandler LLP, said, "To date, Mr. Kaufman has not put forth a proposal that demonstrates financial feasibility... It's not simply about purchase price."