NEW YORK (AP) ? New York City Opera says the company will file for bankruptcy protection and wind down operations after failing to raise enough money to stage the rest of its season.
The company announced Sept. 12 that it needed $7 million by the end of September.
Spokeswoman Risa Heller said Tuesday that City Opera "did not achieve the goal of its emergency appeal. Today, the board and management will begin the necessary financial and operational steps to wind down the company, including initiating the chapter 11 process."
As of last Thursday, the company said just $1.5 million had been pledged. It hoped to raise $1 million on Kickstarter.com but a total of $301,019 from 2,108 donors was pledged on the website.
Source: http://news.yahoo.com/nyc-opera-file-bankruptcy-161954514.html
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