NEW YORK — A plan to sell off the New York City Opera’s name and other assets has been withdrawn.
The Wall Street Journal says the decision by the defunct opera company’s board follows months of legal maneuvers between two bidders who both hope to revive the company.
An option being considered is to reorganize the company through the bankruptcy process, with one of the bidders serving as a plan sponsor. That could make it easier to retain a bequest worth an estimated $5.5 million.
The company, once known as “The People’s Opera,” shut its doors in October 2013. It launched the careers of such luminaries as Beverly Sills, Placido Domingo and Renee Fleming.AlertMe