Oh dear…
The Fabulous Philadelphians, the “solid gold Cadillac of orchestras,” the internationally revered ensemble built by Stokowski and Ormandy, says it is headed for bankruptcy.
The board of the 111-year-old Philadelphia Orchestra voted Saturday in favor of a Chapter 11 reorganization. The claim was expected to be filed this weekend in U.S. Bankruptcy Court, Eastern District of Pennsylvania, and the orchestra was expected to list assets at several times liabilities – an equation unusual for businesses seeking bankruptcy protection, according to several experts.
The move makes Philadelphia’s the first major U.S. orchestra to file for bankruptcy, say industry groups and veteran observers.
Read the complete article here.
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I know that everyone views this as a doomsday scenario, but sometimes I wonder if (in general) we will see more of a re-calibration to meet the financial realities rather than several symphony orchestras just shut down and file for bankruptcy.