Pasadena Playhouse emerges from bankruptcy
Pasadena Playhouse officials said the theater company emerged Wednesday from Chapter 11 bankruptcy, after its financial reorganization plan was approved by a Los Angeles court.
"We are deeply grateful for the collective support that has allowed the Playhouse to expeditiously move through this difficult and sometimes painful process," said Stephen Eich, executive director of the Playhouse, in a statement.
"Although we will be moving slowly in the future to ensure financial responsibility and stability, we will in fact be back," Eich said.
As part of an effort to resurrect the historic theater and shed its "unbearable" debts, Playhouse officials also said they received an anonymous matching pledge of $1 million earlier this year, and they hope a continued fundraising campaign will match or exceed the donation.
1 Comments
I was thrilled to see the theater be able to resurrect. Thank you to the very generous donor.The theater itself is so beautiful and they even have a musical planned later this year or early 2011. It is so important to keep a part of history in the here and now.