Failed Kickstarter Forces NYC Opera to File for Bankruptcy

The New York City Opera turned to Kickstarter last month to help with its financial troubles, but it failed to reach its $1 million goal, accruing just more than $300,000 in pledges before the Sept. 30 deadline. The company's unsuccessful Kickstarter project and failure to attract big-time donors forced the opera's board and management to file for bankruptcy.

"New York City Opera did not achieve the goal of its emergency appeal," the NYC Opera informed donors on its Kickstarter page. "[We] will begin the necessary financial and operational steps to wind down the Company including initiating the Chapter 11 process." Read more...