Bosses at the bankrupt New York City Opera are set to sell off costumes and instruments to help pay its creditors. The company was shut down last month (Oct13) after officials filed for bankruptcy for failing to raise $7 million (£4.7 million) to stay afloat. A public sale of its assets has now been approved by Judge Sean Lane in Manhattan, allowing the company to sell off outfits, wigs, props and instruments used during previous productions. Judge Lane said the auction is "in the best interests of the debtor, its estate and creditors". Spokesman Peter Schottenfels adds, "This is all part of the process of winding down." The New York City Opera was formed in 1943. The date of the sale will be announced in due course.