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July 16, 2015

N.Y. City Opera Drops Plan to Sell Name and Assets

The New York City Opera has abandoned plans to sell its name and other assets after months of legal squabbling between rival bidders seeking to revive the moribund company, writes The Wall Street Journal. The opera's board is instead weighing whether to restructure through the bankruptcy process begun when the organization filed for Chapter 11 protection in 2013.

The decision comes six months the board after approved selling the assets for $1.25 million to a group led by hedge-fund manager and former board member Roy Niederhoffer. That brought a challenge from another suitor, architect Gene Kaufman, who had offered $1.5 million. Mr. Niederhoffer said his group, NYCO Renaissance, might now serve as sponsor of the opera's own reorganization plan, a course supported by a committee of the opera's creditors.