Please Touch Museum Successfully Emerges From Bankruptcy
PHILADELPHIA (CBS) -- The Please Touch Museum in West Philadelphia has successfully emerged from bankruptcy.
Please Touch President and CEO Patricia Wellenbach says they already had a plan in place when the kid-friendly institute filed for bankruptcy last September.
"So there was an agreement with the bondholders going into the bankruptcy of what the settlement would be so that allowed for a fairly non-contentious proceeding. It went fairly briskly. The onus was on us to raise the money and we did so in short order," Wellenbach said.
The nearly $8 million raised was enough to satisfy bond holders who agreed to take a deep discount on the original $60 million nut. It's been a rough six months for management but Wellenbach says the doors remained opened throughout.
"Our membership numbers are up and the gate is up and so that is a huge vote of confidence for the staff and the future of the organization," she said.
The immediate future features the launching of a 40th birthday celebration next month.
