City Opera in New York may have shuttered its operations for the season, but that has not stopped the group from celebrating its 70th anniversary. The opera company was forced to declare bankruptcy, canceling its entire season. A special performance will be held in honor of the company’s seven-decade presence in New York City, however. City Opera has declared Chapter 11 bankruptcy and will likely liquidate the business.
Despite the financial troubles, members of the “City Opera Family” said they could not allow the anniversary to pass unrecognized. The event is being staged by the performers’ union that represents entertainers, American Federation of Musician’s Local 802. The concert is scheduled to occur on Feb. 21 at the City Center, which has historical significance as the first location of a City Opera performance. Although this is the only reunion concert currently scheduled, representatives have said that the performers may consider similar shows in the future.
In the mean time, New York City Opera is working through court proceedings related to its thrift shop that is operated in Midtown Manhattan. That shop has been open for 25 years. The court may grant the company additional time to decide whether to reject the lease for that shop.
Chapter 11 bankruptcy can be a positive financial option for a business. This section of the bankruptcy code can allow a business owner to restructure debt or the business itself. Chapter 11 provides debtors with more control over the business operations. Other bankruptcy options require total liquidation and a cessation of operations. Business owners who are facing financial difficulty and need debt relief may benefit from consulting a New York bankruptcy attorney, who may be able to identify additional legal options.
Source: The Wall Street Journal, “Despite Bankruptcy, City Opera Performers Celebrate 70th Anniversary” Stephanie Gleason, Feb. 07, 2014by