Philadelphia Orchestra on its way out of bankruptcy
The Philadelphia Orchestra is about to be on the nicer side of bankruptcy.
The orchestra was granted approval in bankruptcy court Thursday for its reorganization plan. According to the Inquirer, $3 million will be distributed to creditors by the end of next month. The orchestra filed a bankruptcy petition last spring, setting into motion a year's worth of discussion and disputes over rent at the Kimmel Center and musicians' pension costs, among other things.
An announcement of a pension agreement in April a week before the trial set the wheel in motion again, this time in the opposite direction. Soon after came the Orchestra's details of its plan to exit bankruptcy by the middle of summer 2012. The Kimmel Center reduced the rent in May.
Despite the good news for the Orchestra, fundraising efforts for donors and ticket sales must continue.