Philadelphia Orchestra emerges from bankruptcy

Print
Email
|

Associated Press

Posted on July 31, 2012 at 2:00 PM

Updated Tuesday, Jul 31 at 2:01 PM

PHILADELPHIA (AP) — The Philadelphia Orchestra has officially emerged from Chapter 11 bankruptcy.

The Philadelphia Orchestra Association announced the news Tuesday. The orchestra says it's addressed more than $100 million in claims, debts and liabilities with a settlement of nearly $5.5 million through the reorganization.

Association CEO Allison Vulgamore says in a statement that the group is "deeply grateful" to all who have supported it through the process. The symphony became the first U.S. orchestra to seek Chapter 11 bankruptcy protection in April 2011.

A U.S. Bankruptcy Court judge approved the reorganization plan a month ago. Under the plan, the 111-year-old symphony will shrink from 105 musicians to 95 and cut their pay by about 15 percent. The orchestra also got a break on its rent from the Kimmel Center.

Print
Email
|