The Philadelphia Orchestra Association (POA) announced today that it has officially emerged from Chapter 11 bankruptcy protection, effective July 30, 2012.
On June 28, 2012, the Association’s Plan of Reorganization was confirmed by the U.S. Bankruptcy Court of the Eastern District of Pennsylvania. Through its financial reorganization, the Association addressed more than $100 million in claims, debts, and liabilities with a settlement of $5.49 million. Of that total, $4.25 million will be paid as of the effective date. The remainder of the Association's settlement payments will be distributed based upon previously agreed upon multi-year schedules.
"We are deeply grateful to all who have championed and supported our Orchestra during this difficult yet necessary process," said Allison Vulgamore, president and CEO of the Philadelphia Orchestra Association.
"With the conclusion of our financial reorganization, we turn the institution's full focus to what we are all passionate about-sharing the incredible artistry of The Philadelphia Orchestra with our Philadelphia audiences, especially as we welcome the electrifying Yannick Nézet-Séguin as music director in October," Vulgamore added.
On April 16, 2011, the symphony filed for Chapter 11 bankruptcy protection due to its rapidly dwindling operating budget and a structural deficit of $14.5 million. It was unprecedented among the major orchestras in the U.S.
Founded in 1900, The Philadelphia Orchestra is one of the 'Big Five' American orchestras with New York Philharmonic, Boston Symphony Orchestra, Chicago Symphony Orchestra, and Cleveland Orchestra.
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