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January 13, 2016

Judge Approves City Opera's Bankruptcy Exit Plan

A judge has approved the New York City Opera's plan to exit bankruptcy and continue performances under an organization led by Roy Niederhoffer, a hedge-fund manager and former board member, The Wall Street Journal reports.

Mr. Niederhoffer’s organization, NYCO Renaissance Ltd., has agreed to contribute $950,000 in cash to pay off creditors and resume performances later this month. Architect Gene Kaufman, who in December dropped his two-year bid to revive the opera, will receive $300,000 as part of a negotiated settlement.

The opera declared Chapter 11 bankruptcy in 2013 after a series of controversial financial and operational moves, which included abandoning its longtime home at Lincoln Center.