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Mon April 16, 2012
Michigan Opera Theatre needs $3 millon to pay debt
DETROIT (AP) - A spokesman for Michigan Opera Theatre says the organization needs to raise $3 million by May 31 to retire its debt.
Jeff Strayer said Monday the MOT actually needs to pay $11 million by that date, but already has raised $5 million and expects to rely on financing for another $3 million.
That means it's on the hook for $3 million, for which it currently is seeking donations.
Strayer says the situation is "not that dire," and he predicts the MOT will gather the money in time.
His comments come after the Detroit Free Press and WDIV-TV recently reported on Michigan Opera Theatre's financial situation.