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Opera Colorado announced today that the company is embarking on a restructuring plan that will allow the Opera to continue its commitment to bringing exceptional programming and educational resources to Colorado, while stabilizing the company for the future. Opera Colorado will undergo a reorganization of its operating procedures that includes moving to a two-production season for 2013 and 2014. It has also launched a $1.2 million fundraising campaign to raise funds to both pay down the Opera's existing debt and to ensure its two remaining productions in the 2013 season continue as planned, with a goal of completion by March 30th, 2013. A vital part of Denver's cultural ecology, Opera Colorado celebrates its 30th season this year.
Opera Colorado has a history of careful stewardship and fiscal responsibility and had previously balanced its budget each year for the majority of its 30 year history. The Company incurred an operating deficit in 2012 due to lower than anticipated ticket sales and fundraising shortfalls, and the reorganization is a preventative measure to help stabilize the Company for future growth. The Company's reorganization includes a combination of cutting current expenses-including operating overhead and looking for staffing efficiencies-and fundraising for future performances.
"Opera Colorado has experienced a series of unfortunate events that have left us in a financial situation where we need to take stock and make some changes so that we can continue to operate with artistic integrity and fiscal responsibility," noted General Director Greg Carpenter. "Taking these steps now will help Opera Colorado remain a vital part of our community for many years to come and this process will ensure a strong financial footing so we may honor our longstanding commitment."
The $1.2 million fundraising campaign will allow Opera Colorado to sustain a two-production season in 2013, during which time the Company will reorganize to be more efficient while still maintaining the quality of its opera performances and educational programs and its commitment to Colorado and the Rocky Mountain region. The reorganization necessitates postponing the professional premiere of the new American opera The Scarlet Letter by composer Lori Laitman and librettist David Mason until the 2015 season, in order to give Opera Colorado time to stabilize and raise the funds necessary to stage this premiere as it has been envisioned. The Opera has also re-structured its staff as part of this process.
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