THANKSGIVING TRAVEL: Traffic | Travel Guide | Weather | Holiday Guide | Mall Hours

Philadelphia Orchestra Moving Forward With Bankruptcy Case

PHILADELPHIA (CBS) – Opening court action is expected today in the Philadelphia Orchestra bankruptcy case, as the Mayor and the orchestra president say this will eventually be for the best.

Mayor Nutter and orchestra head Allison Vulgemore talked up the future after a meeting Tuesday at City Hall, mostly because the past is so proud and the present so troubled.

Vulgemore says musicians have approved extraordinary givebacks and work-rule changes but they could not move the numbers enough.

“Right now, our budget is $46 million and our revenues are $31 million. That’s a pretty big gap.  That’s a third of our budget every year that we have to find a way to restructure.”

With the bankruptcy and the fiscal discipline that’s part of the package, it’s hoped the orchestra can re-acquire donors scared off by the budget gap. Vulgemore says the orchestra will unveil new presentations and alliances to broaden its appeal.

Reported by John Ostapkovich, KYW Newsradio

Top Content On CBSPhilly

  • Gregory Coin

    If a company that has three times as much liiquid assets (cash, stocks, and bonds) as it has debts is allowed to declare bankruptcy and void all of contractual obligations, then the corporate world might as well do away with contracts altogether. If allowed to stand, this precedent will destroy the integrity all contractual agreements.

  • Stephanie Patterson

    And the mayor (ha!) finally makes an “appearance” for the Orchestra? Since he’s not talking about the Phillies, his only action is to rubber-stamp the irresponsible actions of the board and management. SHAME ON THE BUNCH OF YOU!

blog comments powered by Disqus
Taz Goes Big!
Download Now!

Listen Live