By Cherri Gregg

PHILADELPHIA (CBS) — After months of uncertainty, there’s now a plan in place to save the indebted Philadelphia Theatre Company.

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Earlier this year, the Philadelphia Theatre Company was in a financial free fall. The bank foreclosed on its longtime home, The Suzanne Roberts Theater, putting the building up for sale. But now, thanks to a $2.5 million gift, curtains will open on the company’s 40th season this fall.

“It can be viable, it can grow in the future, but there are certain things that are going to need to be done,” says Kevin Feeley, spokesman for Ralph and Suzanne Roberts, the theater’s namesake.

The couple is behind the grace-saving donation, but it’s contingent on Michael Kaiser, former president of the Kennedy Center being involved and implementing his recommendations for reorganization.

“They include a new business plan, some reorganization of different operations,” says Feeley.

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He says PTC will be able to stay in Suzanne Roberts Theatre at least through the end of the year and points out that the Roberts have donated nearly $5 million to Philadelphia over the past 10 years.

“Suzanne Roberts actually was an actress in some Philadelphia Theatre Company productions over its four-year history,” he says. “She’s been very involved.”

“We are thrilled and grateful that we are receiving this kind of support,” says Sara Garonzik, executive producing director for Philadelphia Theatre Company. She says they welcome Kaiser’s input as they reorganize.

“This kind of assistance allows us to stabilize our operations so we can continue to do what we do – which is provide excellent productions,” she says.

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The 40th anniversary season kicks off in October with the Pulitzer prize finalist production titled, “Detroit.”

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