Sale of NY City Opera remaining post-bankruptcy assets expected in early 2015

Posted on: November 26, 2014

“A sale of New York City Opera’s remaining assets is expected take place as soon as January, after a bankruptcy court told the company it has until Dec. 18 to present a reorganization plan,” writes Brian Wise on Tuesday (11/25) at WQXR’s news blog. “In a Nov. 20 hearing in U.S. Bankruptcy Court in Manhattan, Judge Sean Lane denied the company’s fifth request for a three-month deadline extension to present a reorganization plan. Provided the Dec. 18 deadline is now met, potential suitors will have 30 days to then 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. The ramped up pressure on City Opera came from Gene Kaufman, an architect and businessman who has been angling to buy the company’s assets, which consist primarily of a $5 million endowment, currently controlled by the State Attorney General…. Kaufman is an opera lover who sits on the board of the Glimmerglass Festival, among other organizations. He says he wants to relaunch an opera company bearing City Opera’s name in 2015…. City Opera filed for bankruptcy in October 2013.”

Posted November 26, 2014