New Mexico Symphony to file for Chapter 7 bankruptcy

Posted on: April 20, 2011

Wednesday’s (4/20) Albuquerque Journal reports, “After years of financial woes that included musicians going months without pay, the New Mexico Symphony Orchestra will cease to exist. The board of trustees voted Tuesday to file for Chapter 7 bankruptcy, which will effectively dissolve the organization and end its current season, according to a spokeswoman. ‘NMSO, like other orchestras around the country, has been hit hard by the decline in corporate gifts, changes in music taste, competing venues and the economy,’ Chairman John Slipke said in a statement. … The organization, which began in 1932, had difficulties making ends meet for years. … The organization came close to filing for bankruptcy [in 2009] after months-long employee contract negotiations seemed to go nowhere. But in late November 2009, musicians agreed to a two-year labor contract that instituted a pay cut of almost 20 percent for a core of 24 to 32 musicians. … Still, only last month organization leaders were optimistic when announcing the season’s concerts. They had recently received a $242,000 donation, which paid off the debt NMSO owed to Popejoy Hall, and allowed them to keep playing there. Another $50,000 donation helped pay workers wages owed to them.” A subscription is required to view the full story at the link above.

Posted April 20, 2011