April 25, 2011
The board of the 111-year-old Philadelphia Orchestra has voted to file for Chapter 11 as a way to reorganize the well-regarded orchestra, reports The Philadelphia Inquirer. The organization also approved bankruptcy for its Academy of Music, to protect the academy’s endowment and other assets, and it’s Encore Series, which operates the Philly Pops. Despite the bankruptcy proceedings, the orchestra’s concerts and business operations will continue, and the organization is embarking on a $160-million fund raising campaign.
