NYC Opera Strikes Deal To Stay In Control Of Sale Talks

Law360, New York (July 16, 2014, 2:13 PM EDT) -- A New York City Opera Inc. suitor agreed Wednesday that the current board should remain in charge of shopping the bankrupt institution, dropping an attempt to hand control of the sale process to a trustee and giving the board of directors the summer to negotiate with potential buyers.

Gene Kaufman, an architect and businessman who purportedly has an offer on the table to fund City Opera's way out of bankruptcy, will put on hold his objection to the debtor's third request to extend the period under which it alone can draft a reorganization plan without the threat of a rival plan...

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