In Sunday’s (12/12) Honolulu Advertiser, Michael Tsai reports, “The Honolulu Symphony Society’s board of directors has unanimously voted to abandon efforts at bankruptcy reorganization and to dissolve the organization, effectively ending the symphony after 110 years. The decision, approved Thursday at a hastily called board meeting, came roughly a year after the Honolulu Symphony Society filed for Chapter 11 bankruptcy in hopes of salvaging the debt-ridden organization. The society was scheduled to appear in U.S. Bankruptcy Court tomorrow as a follow-up to an earlier request to extend its deadline for filing a reorganization plan. Instead, the society’s legal representatives will ask that the society’s Chapter 11 bankruptcy filing be converted to Chapter 7 bankruptcy, which would result in the dissolution of the organization and the liquidation of all of its assets, including its extensive music library. … Since performances were suspended midway through the 2009-2010 season, the symphony leadership had said repeatedly that the organization could move forward only if it could find a financially sustainable model for operating.”
Posted December 13, 2010
