PHILADELPHIA (CBS) – In the midst of the Philadelphia Orchestra bankruptcy case, the musicians and management have reached a tentative agreement on a new contract.
The specific details related to the agreement must remain sealed and confidential within the bankruptcy court until the 105 musicians and 74 members of the Orchestra’s Board of Directors take separate votes next week. If approved, it goes to Eric Frank, the presiding bankruptcy judge.
Larry McMichael, management lawyer, said the goal is to speed the Orchestra’s exit from bankruptcy.
“I can’t comment on what this deal provides one way or the other with regard to any issues,” McMichael said. “The big issue in this case is our relationship with our musicians, and that’s what we’re working on right now.”
The musicians’ national pension fund had threatened legal action, seeking a $35 million withdrawal liability from the Orchestra Association, if it were cut out of serving as the retirement plan for musicians.
Reported by Steve Tawa, KYW Newsradio 1060