Philadelphia Orchestra Officially Exits Bankruptcy
The Philadelphia Orchestra had its reorganization plans approved in late June, but after some paper shifting and check signing on the last two days of July, it has officially emerged from bankruptcy. The ordeal took more than 15 months and cost nearly $10 million in fees and expenses.
“I can confirm we’re all done and out of bankruptcy, and the orchestra is back in its first day of business as a non-debtor in possession,” said orchestra lawyer Lawrence G. McMichael Tuesday morning.
The association succeeded in most of what it intended to achieve, though the action was not without substantial risk and high costs. A new, deeply concessionary labor deal with musicians was reached despite the threat of a strike. Several musicians have left or are planning to leave for other jobs. [Inquirer]