The Philadelphia Orchestra Association Officially Exits Bankruptcy
The Philadelphia Orchestra Association and its owned subsidiary, The Academy of Music, Inc., has officially emerged from Chapter 11 bankruptcy.
The symphony became the first U.S. orchestra to seek Chapter 11 bankruptcy protection in April 2011.
According to the Orchestra, they have 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 multiyear schedules.
Association President and CEO Allison Vulgamore said in a statement that the organization is “deeply grateful” for the support during this “difficult but necessary process,” adding that the institution’s full focus will be turned to the artistry of the Orchestra as they welcome Yannick Nézet-Séguin as music director in October.
“The Philadelphia Orchestra remains among the best in the world, bringing audiences to the edge of their seats, earning rave reviews and generating enthusiasm in this great city and as its ambassador abroad. There is much critical diligence and fiscal capitalization to be achieved for the Orchestra and we embrace this new era — and our audiences — with gratitude and dedication.”
Photo by Ryan Donnell via The Philadelphia Orchestra
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