26 September 2013
New York City Opera Board Votes To File for Bankruptcy Pending Fundraising Shortfall
The board of New York City Opera has voted to begin bankruptcy proceedings next week and commence the dissolution of the company unless it is able to fundraise $7 million by Monday, the New York Times has reported.
City Opera announced earlier this month that it would be forced to cancel much of its current season as well as the entirety of the 2014-15 season unless it was able to generate $7 million by September 30, and an additional $13 million by the end of 2013. The company likewise initiated a Kickstarter campaign to raise $1 million of that amount by the September 30 deadline. As of today, that campaign had raised just $156,513 from 975 people. And it now appears that the company administrators anticipate that it will fail to meet the $7 million goal, telling the Times that City Opera has thus far managed only about $1.5 million since its appeal earlier this month. Unless City Opera is able to raise an additional $5.5 million by Monday, the company's current production of Mark-Anthony Turnage's Anna Nicole, which will conclude its run at the Brooklyn Academy of Music on Saturday night, will likely be its last.
"We'll discuss it with the board and look at the options that we have. It's pretty obvious what they are," City Opera board chairman Charles Wall told the Associated Press. "One would be to see if we can continue beyond September for a while to see if we are able to raise some additional money. A second one would be to begin the winding-up process for the opera, at least for the season."
"If we don’t raise the money we will have run out of options," George
Steel, the company’s general manager and artistic director, said in a
statement. "It is impossible for the company to produce opera without a
way to fund it."
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