The U.S. Bankruptcy Court in Manhattan has approved a plan to restart New York City Opera. The celebrated company shuttered abruptly in the middle of its 2013-2014 season after an acute financial crisis. Soon afterwards, several rival plans were proposed for resurrecting the group and quickly became tangled in legal matters. Judge Sean Lane’s decision yesterday clears the path for an organization led by hedge-fund manager Roy Niederhoffer to complete its purchase of New York City Opera’s name and remaining assets, as well as settle several outstanding debts.
Bankruptcies are historically common in the opera world, often involving the loss and departure of key backers or withdrawal of taxpayer subsidies. The suddenness of New York City Opera’s closure and the potential loss of the company’s storied history, however, shocked opera fans around the world.
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