Ballet BC is hopeful its recent production of the Faerie Queen might not be its last. (Ballet BC)

An anonymous benefactor has chipped in $42,000 to give 1,000 children a rare holiday treat while saving Ballet BC from imminent financial collapse.

The mysterious sponsor bought the tickets to donate to Vancouver's Kids Up Front Foundation, which will pass them on to underprivileged children and youth to attend the holiday performance of the Nutcracker ballet.

The financial windfall pushed ticket sales past 7,000, meaning the winter production of The Nutcracker featuring the Moscow Classical Ballet, will go ahead as scheduled, Dec. 28-31.

Ballet BC also said Wednesday it is seeking protection from creditors while it restructures its finances and pays off an estimated $450,000 debt.

Ballet company chairman Graeme Barrit says the province's largest professional dance company is confident of reaching its sales goal of 12,000 tickets, which would allow it to rehire its 38 laid-off dancers and office staff by February.

The Nutcracker was the company's main income source, but poor ticket sales in November prompted the troupe to shut down, rather than fall further into debt.