A judge gave the Philadelphia Orchestra permission to terminate its single-employer pension plans. The orchestra said it would be, “difficult, if not impossible,” to reorganize the orchestra with the current plan in place.
The Philadelphia Orchestra’s financial reorganization could leave the famed conductor playing solo.
The Philadelphia Orchestra has scored another first, but none of its trademark lush notes were sounded. The stage was a courtroom, as it became the first major U.S. orchestra to declare bankruptcy.