New York City Opera Enters Ch. 11, Plans To Wind Down

Law360, New York (October 3, 2013, 4:15 PM EDT) -- New York City Opera Inc. on Thursday entered Chapter 11 bankruptcy with plans to wind down its business, saying it can no longer afford to keep its productions going in the face of ever-decreasing donations and ticket sales.

The filing came two days after the opera company announced that it would close its doors. It had been struggling financially for several years, it said, and recent efforts to vamp up funding, reduce costs and restructure its business had been fruitless.

The 70-year-old institution sought to raise...
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