Nov. 20 (Bloomberg) -- New York City Opera, which filed for bankruptcy protection last month after years of management missteps, won court approval to auction some assets, including costumes, wigs, props and about 60 musical instruments.
The public sale was approved yesterday by U.S. Bankruptcy Judge Sean Lane in Manhattan. The auctioneer, Tiger Remarketing Servicing LLC, will get 10 percent of the proceeds from the sale, which also includes the opera’s gift shop inventory of CDs and books and a harp at Lincoln Center in New York.
The auction procedure “is in the best interests of the debtor, its estate and creditors,” Lane said in his order.
Stock scenery, tools, stage curtains and prop fabric at the opera’s facility in New Windsor, New York, will be auctioned, as will computers and office furniture from the opera’s office on Broad Street in Manhattan, according to a Nov. 6 request to approve the sale.
The opera company, created 70 years ago as the “people’s opera” because of its affordable tickets, filed a Chapter 11 petition on Oct. 3 after it failed to meet an emergency online fundraising goal of $7 million. The opera listed assets of $6.67 million and debt of $3.59 million in a court filing.
“This is all part of the process of winding down,” Peter Schottenfels, an opera company spokesman with Risa Heller Communications, said in an e-mail.
The case is New York City Opera Inc., 13-bk-13240, U.S Bankruptcy Court, Southern District of New York (Manhattan).
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