NY City Opera Can't Pay Back Workers, Ticketholders

Law360, New York (December 18, 2013, 2:17 PM EST) -- New York City Opera Inc. will not be able to pay back customers who bought show tickets in advance or make severance payments to its last remaining employees after a bankruptcy judge said Wednesday that the company must follow bankruptcy procedure and establish a plan first.

U.S. Bankruptcy Judge Sean H. Lane expressed sympathy for the opera company’s desire to pay the employees who remained until the bitter end and customers who provided its business, but agreed with the official committee of unsecured creditors, which argued...
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