L.A. Opera gets emergency loan
$14 million approved by county board of supervisorsThe Los Angeles Opera will get a $14 million emergency loan from Los Angeles County, allowing it to keep paying its expenses through the middle of next year.
The board of supervisors voted 4-to-1 Tuesday to approve the loan, with supervisor Mike Antonovich dissenting.
The opera's chief operating officer, Stephen Rountree, says the opera needs the loan "now, literally next week."
Antonovich criticized the opera's $32 million production of Richard Wagner's "Ring Cycle," including a festival where fans can see all four operas in a week. In July, he said that the festival glorified an anti-Semitic composer.
The nonprofit opera company was having financial problems before the economic crisis of September 2008, according to its most recent tax return from June 2008.