The Philadelphia Orchestra announced today, after a little more than a year under bankruptcy protection, the organization has “officially emerged from Chapter 11 bankruptcy protection,” effective yesterday. As part of the Philadelphia Orchestra Association’s reorganization efforts, “the Association 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.” Allison Vulgamore, president and CEO of The Philadelphia Orchestra Association said:
With the conclusion of our financial reorganization, we turn the institution’s full focus to what we are all passionate about—sharing the incredible artistry of The Philadelphia Orchestra with our Philadelphia audiences, especially as we welcome the electrifying 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.”
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