DNA > Update on Bankruptcy
DNA lacks funds to remain open past Sunday, September 1st 2013
Dear friends of Dance New Amsterdam,
Since its Chapter 11 filing on May 27, DNA has been able to manage "business as usual" while diligently working towards obtaining additional funding sources and developing a long-term business plan. Unfortunately, despite the extraordinary efforts of DNA's leadership, staff, and faculty, DNA has determined that its current challenging liquidity situation prevents it from pursuing a long-term business plan at this time.
This means that we do not have enough funds to remain open past this Sunday, September 1st.
DNA will be fully open for business through end-of-day Sunday, September 1st-all scheduled classes and workshops will continue as usual through Sunday evening. Based on information we will receive from our legal team this week, DNA may still be able to accommodate studio and theater rentals in the short-term.
DNA needs 0,000 by the close of business on Friday, August 30th in order to keep its doors open in the near-term and continue operating in the ordinary course of business, offering dance classes, artist rentals, DNA Presents season and residency programs, and to preserve the possibility of putting together a long-term business plan to serve as the foundation for reorganizing and emerging from bankruptcy.
The executive/artistic director Catherine A. Peila said that it is clear that, without this initial infusion of cash from either an outside individual or entity, DNA will have to seek bankruptcy court approval to wind-down its affairs. With a cash infusion of 0,000, DNA will have the opportunity to continue working with its legal team from Debevoise & Plimpton and its financial advisers from Alvarez and Marsal to develop a viable long-term business plan that is acceptable to DNA's key creditor constituents, strategic partners, and the community, who have to date supported DNA's efforts to reorganize in hopes that this important performing arts space and dance organization could emerge and continue to ensure that the tens of thousands of national and international artists and local community members have a home.
The Board, staff, faculty and artists are sincerely hopeful that an individual or entity will step forward with the required cash infusion of 0,000 for this initial step. If DNA is unable to continue operating its business, the loss of this 29-year organization will be severely felt among the arts community.
Thank you very much for your support and commitment to DNA over the years. We will continue to communicate with you as new information is available, and we invite everyone to come take class through Sunday.
Please feel free to reach out to Catherine A. Peila with any questions at 212-625-8369 x201.