In a statement, board president Pat Burley said that the company would declare bankruptcy. "After a comprehensive review of the organization's financial situation, the board determined that Ballet Internationale is not viable in Indianapolis under the current structure," the statement read.
The company's upcoming performances of The Nutcracker, scheduled to run December 13-23, have been canceled. Ticket holders should "contact the point of purchase" to receive refunds, according to the company.
Founded in 1973 as Indianapolis Ballet Theatre, Ballet Internationale has been directed by former Kirov Ballet dancer Eldar Aliev since 1994. It employed 27 dancers—many of them Russian-trained—and had a budget of $2.8 million.
In May, the Los Angeles Times reported that Aliev had proposed moving the company to the Los Angeles Music Center, but he denied making any such proposal. Other reports suggested that he had been interested in adding a second home for the company.
"This has been a painful process, especially when you consider all the wonderful work and accomplishments made by this organization throughout its history," Burley said. "The unique artistry provided by Eldar Aliev for more than a decade has produced a company that is internationally acclaimed with a reputation for excellence."