More than two years have passed since New York City Opera filed for bankruptcy, leaving in its wake large debts and a legal battle between two rival groups hoping to revive it. Now one of them has won the backing of an important constituency: the creditors who are owed money in the bankruptcy case.
The group — which is called NYCO Renaissance and is led by Roy G. Niederhoffer, an investment manager, and Michael Capasso, an opera producer — was joined by the official committee of unsecured creditors in the case, in a proposal to reorganize City Opera that was filed late Monday in United States Bankruptcy Court for the Southern District of New York. The filing said that their plan was “in the best interests of the debtor’s estate and creditors.”
Gerard S. Catalanello, a lawyer for NYCO Renaissance, called the filing “a monumental step forward.” A rival group called New Vision for NYC Opera, led by Gene Kaufman, an architect, is moving forward with its efforts to revive City Opera.
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