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 In Bankruptcy, Bankruptcy In The News, Blog, Chapter 11 Bankruptcy

Sad news for Philadelphia Orchestra fans: the company has been forced to file for Chapter 11 bankruptcy this month.

After a vote taken by the 55-member board of directors, all were for the bankruptcy except for the five members who are currently musicians. According to John Koen, a cellist and board member, “It’s very devastating.” It listed $46 million in liabilities and $31 million in revenue. In cases like these where the debtor opts for Chapter 11 bankruptcy, they will remain in charge of the business operations but are subject to the directives of a bankruptcy court during the reorganization process.

The orchestra came to notoriety under the leadership of Eugene Ormandy from 1936 to 1980; since then it has joined the ranks of the five most accomplished orchestras in the country. These include the Boston Symphony Orchestra, the New York Philharmonic, the Chicago Symphony Orchestra and the Cleveland Orchestra.

Need help filing for Chapter 11?  Contact us to get help from a San Antonio bankruptcy lawyer.