By Robert D. Thomas
Pasadena Star-News/San Gabriel Valley Tribune/Whittier Daily
The Philadelphia Orchestra, one of the world’s legendary ensembles,
will apparently become the latest orchestra to file for bankruptcy, according to
the Philadelphia Inquirer Web site and other sources. The site is reporting
that paperwork will be filed later today or next week.
The Philadelphians would be the largest and most important
orchestra to go down this avenue. Currently, The Louisville Orchestra holds that dubious honor.
The Philadelphia Orchestra decision is not expected to cause an interruption in
the orchestra’s current season and, according to the story, the orchestra is apparently
moving forward with a major fund-raising effort. The orchestra’s endowment has
a current estimate value of $140 million and, while that is down from its high
mark, it is sure to be a point of contention in the ongoing process.
While the decision by the orchestra’s board comes after
years of financial losses, the board is apparently hoping for relief from its
contracts and ongoing pension obligations for its musicians and from other contractual
obligations, including its rental relationship with the Kimmel Center, which houses
its home auditorium Verizon Hall.
Read the complete story HERE.
(c) Copyright 2011, Robert D. Thomas. All rights reserved.
Portions may be quoted with attribution.