By Robert D. Thomas
Music Critic
Pasadena Star-News/San Gabriel Valley Tribune/Whittier Daily News
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.
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(c) Copyright 2011, Robert D. Thomas. All rights reserved. Portions may be quoted with attribution.
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April 16, 2011
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This is sad. The Philadelphia orchestra is absolutely amazing and it is just a shame. I am deeply saddened by this news. I haven't been following this story nor, have I heard much. I hope they were able to work it out.
Posted by: AOFlowers.com | June 07, 2011 at 12:26 PM
It's sad that they are filing bankruptcy. Things are really happening in an instant but not as fast and shocking like this. Hopefully they'll be back.
Posted by: Hempsteadco.com | June 16, 2011 at 07:43 PM
Management is working on the situation. No concerts this season were cancelled although the 2011-2012 season was trimmed down somewhat. There's a lot of work still to come.
— RDT
Posted by: Bob Thomas | June 18, 2011 at 09:40 AM