The New York City Opera had to put in a bankruptcy filing over two years ago, unable to make ends meet. In a city so centered around culture and the stage, it's no surprise that two groups have stepped forward with revival plans to get it going again.
Now it looks like one of the groups might have the upper hand. That group is known as the NYCO Renaissance. The advantage that the group has is that the very creditors who were originally owed money, the ones the bankruptcy filing centered around, have decided to lend their support to the proposal.
They have turned in a reorganization plan. They say it is in the best interests of the creditors, who apparently agree, due to their backing, and that it is the best move for the debtor's estate.
The opposing group that also wants control is called New Vision. Though it has not turned in such a plan yet, a spokesperson for the group said that it plans to do so in the near future.
The original bankruptcy filing was for Chapter 11, but those responsible never envisioned things playing out like they have. Instead, they figured the business would slowly shrink down until it was dissolved. When these two groups started to enter the picture, though, it became clear that there was interest in saving the opera, and things seem to be getting closer to a resolution.
There are many ways that a bankruptcy case can play out, and those who are considering filing need to know about all of their options.
Source: The New York Times, "Plan to Revive New York City Opera Has Creditors’ Backing," Michael Cooper, Oct. 06, 2015