By Steve Tawa

PHILADELPHIA (CBS) — While the Philadelphia Orchestra hopes to exit bankruptcy this spring, its CEO is getting a new three-year contract.

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The Orchestra Association has renewed the contract of Allison Vulgamore, at $450,000 per year.

Board of Directors Chairman Richard Woorley calls her a ‘fearless champion’ of the Orchestra’s musicians and its future.

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Since her arrival in 2010, Vulgamore led the search for a new music director, resulting in the appointment of Yannick Nezet-Seguin, but also the decision to file for Chapter 11 financial reorganization, and a five-year strategic plan rejected by the musician’s union.

Lawyers for the Orchestra anticipate filing a plan of reorganization with a Bankruptcy judge shortly, with an exit by early May.

The Orchestra Association previously got concessions from the musicians, but it still wants to renegotiate its lease agreement with the Kimmel Center.

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