Update 2 (28.04.12) Their 2012-2013 Repertoire is up and listed, so I’m guessing this problem has been taken care of for now.
The opera house in Cologne has announced that it may have to scrap it’s entire 2012-2013 season, according to internet news sources (see here, de).
The opera house has had financial difficulties since last year, so this year the Cologne City Council turned their funding into an approval for a loan — and then the house’s artistic director threatened to call off the entire season.
He may simply be posturing, but the city has indeed backpedalled a tiny bit and scrambled a little to find a solution. Cologne’s cultural minister is optimistic that there will be an opera season (de) “even if it’s not the one that the artistic director ideally imagines.”
The 2012-2013 is supposed to be officially announced on April 24. I guess by then we may know a little more.
24.04.12 Update: the saga continues. While the Artistic Director threatens to cancel the season, the city is considering cancelling the Artistic Director.(de)