A group of investors is proposing to pay slightly more than $500,000 for the shuttered opera company’s name as well as some other assets and liabilities, according to Gerard Catalanello, an attorney for the group.
On Friday, City Opera’s board of directors voted to recommend the sale to the U.S. Bankruptcy Court in Manhattan, according to a statement jointly released by the board and the investor group.
The deal requires court approval and could be challenged by competing bidders.
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