In Thursday’s (5/24) Philadelphia Inquirer, Peter Dobrin writes, “Thirteen months after entering Chapter 11, the Philadelphia Orchestra Association on Wednesday night filed its plan for exiting bankruptcy. With consent—sometimes hard-won—now in place from key creditors, the orchestra’s blueprint for recovery will be considered by U.S. Bankruptcy Court in the coming months. If the plan draws support and no objections from creditors, and Judge Eric L. Frank approves it, the orchestra expects to be out of bankruptcy by July 31. Orchestra leaders expressed optimism Wednesday about the group’s future and said a lowered cost structure would help to pave the way to financial health. … ‘We certainly intend for this to continue to be the great Philadelphia Orchestra,’ said president/CEO Allison B. Vulgamore. ‘Everybody is working hard to do that. Sustaining these kinds of deficits is part of that objective, as well—not turning this orchestra upside down, throwing out all that it represents in order to try to be deficit-free.’ ‘We feel very good about how we’ve come out of this,’ orchestra chairman Richard B. Worley said. … [Orchestra lawyer Lawrence G.] McMichael figures that the post-bankruptcy business plan will achieve a savings of about $6 million a year.”
Posted May 24, 2012
