Last week, Moody’s Investor Services delivered yet another piece of yet another piece of bad news for the Metropolitan Opera. They downgraded the Met’s debt offering one grade from “A3” to “Baa1.” They justified the lowered rating by pointing to the estimated $22 million dollar operating deficit in the fiscal year ending in July 2014 and the Met’s decision to borrow more money using their Chagall murals as collateral. Read more »
Our Own Dawn Fatale (artist’s conception, above) will take to the airwaves of Bloomberg Radio this evening at 9:00 pm to discuss the Met’s current woes. You can listen on Sirius XM Channel 119. online, or on your iPhone or Android phone.
UPDATE: this interview is now available as a podcast (after the jump.) Read more »
“New York City Opera, created 70 years ago as the ‘people’s opera,’ expects to file for bankruptcy protection on Oct. 2 and either liquidate in court or be sold to another institution, its lawyer said.” [Bloomberg]
The Metropolitan Opera expects to achieve a balanced budget in 2011, the first for the company since 2004. In other good news, contributions and grants were up about 21% between 2009 and 2010; program service revenue rose about 6% in the same period. Maestro James Levine took a 5% pay cut, sending his 2010 compensation tumbling to only $1.5 million. [Bloomberg]
At a time when New York’s opera companies are supposed to be going into estivation (I mean, Peter Gelb is in Vietnam, for heaven’s sake!) there’s certainly no lack of breaking news about New York City Opera. Today’s heart-rending roundup, after the jump.