Thursday, December 25, 2014

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NYC Opera To File For Bankruptcy If Fundraising Goal Not Reached

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TWC News: NY Opera To File For Bankruptcy If Fundraising Goal Not Reached
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The New York City Opera voted Thursday to file for bankruptcy if it doesn't reach its fundraising goal by Monday.

NY1 reported earlier this month that the organization needed to raise $7 million by September 30 to stay afloat.

If it doesn't, the organization says it will have to cut its current season short and file for bankruptcy.

So far, it's not looking good, as officials say they've raised just $1.5 million.

On Thursday, they called for more donations and more backers on their Kickstarter campaign.

Tino Gagliardi, the president of Associated Musicians of New York, said that closing the opera won't solve its problems.

In a statement to NY1, he said, "The artistry of the Opera's company and orchestra is certainly worthy of the support management now seeks—and if the "People’s Opera" can be rescued, the musicians urge the company’s management to realize that diminishing the opera's profile, schedule and stature is a sure path to obscurity."

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