Plan to Sell New York City Opera’s Name Is Withdrawn
Board has been weighing a reorganization through bankruptcy process
By Jennifer Smith
A plan to sell off New York City Opera’s name and other assets has been withdrawn by the defunct opera company’s board.
The decision follows months of legal wrangling between two bidders who both hope to revive the scrappy company once known as “The People’s Opera.”
The opera’s board has recently been weighing another option: reorganizing the company through the bankruptcy process, with one of the bidders serving as a plan sponsor. That course could make it easier for NYCO to retain a bequest estimated to be worth $5.5 million.
According to the notice the board filed Monday evening in federal bankruptcy court, “withdrawing the Sale Motion to permit any party in interest who wishes to do so to submit and seek confirmation of a [reorganization] Plan is in the best interests of the Debtor, its estate and creditors.”
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