The board of the Philadelphia Orchestra voted today to file for Chapter 11 bankruptcy. This despite $140 million in the endowment. Some legal experts contend that the bankruptcy could be thrown out if it’s not perceived to have been taken in good faith. Others say that it is warranted. Some labor experts see it as an attempt to get out of pension obligations rather than to do any real reorganizing. Are there any good managers left in the League of American Orchestras, other than our own Elaine Calder?
We’ll see what happens next.
- Philadephia Orchestra seeks bankruptcy reorganization – Philadelphia Inquirer.
- Board of Philadelphia Orchestra Votes to File for Bankruptcy – New York Times.
- Video from Philadelphia Inquirer.
- The Philadelphia Orchestras new web site dedicated to the restructuring.