Philadelphia Orchestra seeks bankruptcy protection
Philadelphia, PA, United States (AHN) – The Philadelphia Orchestra plans to file for Chapter 11 protection to restructure its finances in the face of a $14.5 million deficit.
The orchestra’s board of directors decided over the weekend to declare bankruptcy despite opposition from musicians who have been in talks about a new contract.
The orchestra does not have any debt but expects its operating funds to be exhausted by June. It has faced financial difficulties for more than a year due to declining ticket sales, decreased donations, contracts and pension obligations. The deficit remained despite administrative pay cuts and concessions from musicians, whose collective contract expires in September.
The bankruptcy filing ensures that the orchestra’s 2010-2011 season will not abruptly end before the scheduled closing this summer. The orchestra says no shows have been canceled or postponed due to the filing.
The 111-year-old organization is one of five nationwide that are widely recognized to be the top U.S. orchestras. Its decision to seek Chapter 11 protection comes as the Detroit Symphony Orchestra ended its six-month strike over a new contract.
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