NYC Opera plans bankruptcy if money not raised

September 27, 2013 10:49 PM

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The 70-year-old company says it plans to file for bankruptcy and scrap the bulk of its 2013-14 season unless it somehow manages to reach its fundraising goal, which it admitted is not likely.

"The board has voted to start bankruptcy proceedings next week if we do not raise the $7 million by the end of Monday," spokesman Risa Heller said, adding that commitments had been made for just $1.5 million.

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