Philadelphia Orchestra Settles With Pension Fund, Clearing Way for Reorganization
Philadelphia Orchestra Settles With Pension Fund, Clearing Way for Reorganization
A year after entering Chapter 11 bankruptcy, the Philadelphia Orchestra has reached an agreement with the musicians' pension fund and announced details of a weeklong residency and concert tour in China.
The $1.75 million settlement with the American Federation of Musicians and Employers' Pension Fund clears the way for the orchestra to emerge from bankruptcy, pending court approval of its reorganization plan. The William Penn Foundation has committed up to $7 million to the orchestra's recovery and transformation.
In partnership with Beijing's National Centre for the Performing Arts, the residency program and tour will include performances in four cities, free open rehearsals, chamber concerts, master classes, and other events over the next five years. The 2012 residency will run from May 28 through June 6.
"The orchestra will confront a very different landscape as it emerges from bankruptcy," said William Penn Foundation president Jeremy Nowak. "It must find new ways to relate to audiences and donors in a rapidly changing environment."
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