[net-gold] BANKRUPTCY : MUSIC: CLASSICAL: ORCHESTRAS: Philadelphia Orchestra Board OKs Chapter 11 Filing
- From: "David P. Dillard" <jwne@xxxxxxxxxx>
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- Date: Sun, 17 Apr 2011 09:18:54 -0400 (EDT)
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BANKRUPTCY :
MUSIC: CLASSICAL: ORCHESTRAS:
Philadelphia Orchestra Board OKs Chapter 11 Filing
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Philadelphia Orchestra Board OKs Chapter 11 Filing
The Associated Press
April 16, 2011, 5:49PM ET
Bloomberg
Business Week
http://www.businessweek.com/ap/financialnews/D9ML0TN00.htm
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The world-renowned Philadelphia Orchestra will be filing for Chapter 11
bankruptcy protection.
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Orchestra board chairman Richard Worley says the decision was made after
an emotional meeting of the board Saturday. Officials say they'll make the
filing in a federal bankruptcy court in Philadelphia.
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Worley says the orchestra is running low on cash and has been running a
deficit.
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Philadelphia Orchestra's board votes to file for bankruptcy
By Peter Dobrin
Inquirer Music Critic
Posted on Sun, Apr. 17, 2011
Philadelphia Inquirer
http://www.philly.com/philly/entertainment/119991619.html
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The Fabulous Philadelphians, the "solid gold Cadillac of orchestras," the
internationally revered ensemble built by Stokowski and Ormandy, says it
is headed for bankruptcy.
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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.
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The move makes Philadelphia's the first major U.S. orchestra to file for
bankruptcy, say industry groups and veteran observers.
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The majority vote came with several abstentions, and all five musicians on
the 75-member board voted "no," according to two sources.
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Bankruptcy was also approved for the Academy of Music, which the orchestra
owns, to protect its endowment and other assets, as well as Encore Series
Inc., which operates the Philly Pops.
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Concerts and business operations continue unfettered. In fact, orchestra
leaders in the next few days expect to roll out a $160 million
fund-raising campaign - their largest and riskiest ever - to save the
orchestra from the worst-case scenario of liquidation.
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'A chance . . . to save this great treasure'
By Peter Dobrin
Inquirer Music Critic
Posted on Sun, Apr. 17, 2011
Philadelphia Inquirer
http://www.philly.com/philly/news/nation_world/119991704.html
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The stated motivation for the Philadelphia Orchestra's vote for bankruptcy
is that leaders believe reorganization gives them a chance to shed a
monetary obligation to the pension fund and other contractual arrangements
they cannot afford.
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That doesn't mean short-term finances are not equally challenging.
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The orchestra had raised more than $15 million meant to cover deficits for
this season and last, but even so it is forecasting a sizable shortfall: a
$5 million deficit on a $46 million budget.
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"Did I say we need cash? We need cash," chief executive officer Allison B.
Vulgamore said Friday.
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"This is not a place any of us wanted to get to," said Board Chairman
Richard B. Worley. But, he said, "this is a chance, an urgent chance, to
save this great treasure at a time in its artistic and executive
leadership when it has the best chance that it's had in a long time to
really turn around."
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The orchestra figures it needs to raise about $160 million - a good
portion of it quickly:
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$12 million by November.
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snip
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A lot will depend on how much excitement the orchestra can create around
the arrival of a new music director, Yannick Net-Suin, a year from this
fall, and the response to details of a new strategic plan the orchestra
has yet to make fully public.
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The plan is a mix of new ambition and the repackaging of previously tried
ideas.
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It is, Vulgamore said, an expression of the belief that "orchestral music
is alive and well, and we have a tremendous responsibility to keep it a
great international orchestra with the finest players. That is what the
plan is about. That means that excellence is expensive."
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The Nation Today
Orchestra will file for bankruptcy
April 17, 2011
Boston Globe
http://www.boston.com/news/nation/articles/2011/04/17/
orchestra_will_file_for_bankruptcy/
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A shorter URL for the above link:
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http://tinyurl.com/4xnceja
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Orchestra officials expect a $5 million deficit this year, but said
scheduled concerts would not be affected.
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April 16, 2011, 4:26 pm
Board of Philadelphia Orchestra Votes to File for Bankruptcy
By DANIEL J. WAKIN
The Culture at Large
Arts Beat
Arts
New York Times
http://artsbeat.blogs.nytimes.com/2011/04/16/
board-of-philadelphia-orchestra-votes-to-file-for-bankruptcy/
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A shorter URL for the above link:
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http://tinyurl.com/42ejftv
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The move was expected. The board said a bankruptcy filing was needed to
save the institution in the long run. But the committee representing the
musicians who are negotiating for a new contract strongly opposed the
move, saying executives are inflating the financial burden and arguing
that bankruptcy protection will only hurt donations and undermine the
quality of the orchestra.
At a news conference after the vote, Richard Worley, the board chairman,
said that it was not quite unanimous.
Allison Vulgamore, the orchestras president and chief executive officer,
said: Its business as usual. Lets get the word out. Its Mahler tonight,
referring to Mahlers Symphony No. 4, which was also on Saturday nights
program. The bottom line is, people need to come.
The filing is the only way to buy breathing room so it can build up the
coffers, the officials said.
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snip
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We hope to emerge from Chapter 11 by later this year, Mr. Worley said. He
said the atmosphere during the vote was emotional. The room was filled
with people who really love this orchestra, making a difficult decision we
think is in its long term interests, Mr. Worley said. Not every eye was
dry throughout the morning.
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The complete articles may be read at the URLs provided for each.
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