NY Opera Files Chapter 11

: Chris Lee Law Firm

  Filed under: News

operaThe New York City Opera has recently filed for Chapter 11 bankruptcy protection, according to a bankruptcy attorney affiliated with the case. The opera company had made a last-ditch effort to keep the doors open with a fundraiser, but the donations fell well short of the amount needed to keep the opera running. The New York City Opera had experienced declining revenues for many years in a row, and the Chapter 11 filing may have been inevitable.

Opera Will Close

The opera house will not reopen following its Chapter 11 restructuring, but will wind down operations as the current run of shows ends. Historically, the New York City Opera has long been known as “The People’s Opera,” with a focus on productions of newer works and fresh interpretations of classics. The NYC Opera was a place where younger, less established performers could come to demonstrate their abilities on the stage. For over 70 years, the opera company was a fixture in New York. But in their Chapter 11 filing, the opera company cited steadily declining revenues, with liabilities in the $5.5 million range.

The bankruptcy attorney says that the opera house’s troubles were attributable in part to a troubled economy, as well as a decreased interest in the arts and opera in recent times. Furthermore, the market in New York for entertainment is cutthroat and highly competitive, and the opera company simply could not sustain its current pace any longer.

Many now-famous opera singers got their start at the New York City Opera, including Placido Domingo.

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