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The New York City Opera is likely heading towards being shutdown.
The City Opera needs to raise $7 million by Monday, spokeswoman Risa B. Heller said, The New York Times is reporting.
The City Opera board voted Wednesday to begin bankruptcy proceedings, since the group has only managed to raise about $1.5 million to try and stave off closing.
The City Opera has been plagued by money issues for a decade now. In 2011, it had to leave the Lincoln Center and perform elsewhere for the last couple of years.
As it stands, the final performance by the City Opera appears to be Anna Nicole, an opera by Mark-Anthony Turnage about Anna Nicole Smith.
According to The Washington Post, the company had to even scramble just to get the $1.3 million it needed to go forward with its production of Anna Nicole.
Chuck Wall, City Opera chairman, said that unless it raised the needed capital it would "bring the opera to a close...wind it up."
"I think those arereally the two options," Wall added.
City Opera had been running on annual deficits since 2002 and had to start spending some of its endowment in 2006. Performers had to accept a pay cut of more than 80 percent before performances could continue in 2011.
NY Times notes that the City Opera opened in 1944 with Puccini's Tosca. Many famous opera singers were a part of City Opera, including Samuel Ramey, Placido Domingo and Beverly Sills.
image: Wikimedia Commons