Wednesday, April 13, 2011

ABC News: Philadelphia Orchestra May Declare Bankruptcy

Note: This is a summary of a story from an outside news source.  Please visit the original story, linked in this summary, for the full article.

According to a recent report from ABC Local News, The Philadelphia Orchestra is just days away from declaring bankruptcy.  The nonprofit organization, famed for their distinctive and beautiful sound, have been dealing with serious financial troubles over the years.  Their Board of Directors are set to make a decision on whether to declare bankruptcy as early as this Saturday.

Although declaring a Chapter 11 bankruptcy would allow the Orchestra to get its financial problems settled, it would have an undeniably devastating effect on the music.  According to  the ABC news report, there is already a lot of tension between the musicians and the board and if a bankruptcy was declared, the musicians would most likely go 6 months without working again.  Although Philadelphia would certainly survive without the Orchestra, it would also leave a huge hole in the cultural center of the city. 

Even if a bankruptcy is not declared, the Philadelphia Orchestra is going to have to raise several hundred million dollars if they are going to want to continue at the scale they currently operate.  We will certainly have an update on this story when more news comes out, so stay tuned.  In the mean time, you can read the full article from ABC News.

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