A most unfortunate loss for Long Island as news of its Philharmonic surfaced that the company, operating as the Island's longest serving arts program, has shut its doors indefinitely. The news comes after the L.I. Phil was refused a much needed bank loan to help keep the institution afloat.
Co-founded by Harry Chapin 36 years ago, the company had to suspend its subscription concert series more than five years ago due to similar financial strife. Back then, the Philharmonic failed to agree to certain negotiated terms regarding a loan that would allow the institution to continue paying its freelance musicians.
Back in 2007, though, the Philharmonic did receive a line of credit from the New Jersey-based Valley National subsidiary, the State Bank of Long Island. However, as of late, Valley National rejected the company's most recent proposal to restructure the loan after it failed to make payments in May.
John Russell, president and founding member of the L.I. Philharmonic board, said,
"The Philharmonic has enjoyed the support of hundreds of Long Island corporations, including a number of banks that over the years saw it as a valuable civic institution. These businesses recognized that the support of the Long Island Philharmonic was an investment in the quality of life on Long Island which helped them recruit and retain a quality workforce."
As a result of the closure, all in-school programs headed by the organization will be suspended indefinitely, which have been used to service thousands of under-privileged students, as well as its free concert series that takes over the entire island.
This comes as an added tragedy to the sphere of American orchestras as more and more companies are succumbing to lack of finances required to keep the institutions afloat.
While we bid farewell to a most resounding orchestra, preview the Philharmonic below.
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