The acclaimed Philadelphia Orchestra has said it would file for bankruptcy, the first major US performance ensemble to do so during the nation`s current economic turmoil.
|Last Updated: Apr 17, 2011, 10:26 AM IST|Source: Bureau
The acclaimed Philadelphia Orchestra has said it would file for bankruptcy, the first major US performance ensemble to do so during the nation`s current economic turmoil.
"The Philadelphia Orchestra Association can confirm that its Board of Directors voted today, April 16th, to file for bankruptcy protection," it said in a statement.
Kate Johnston, a spokeswoman for the 111-year-old orchestra, said however that programming was unaffected for now.
"All concerts are going on as scheduled, including a concert tonight," she told AFP. The orchestra was performing Mahler`s Symphony No. 4.
The Philadelphia Inquirer newspaper quoted orchestra officials as saying that legal papers seeking bankruptcy protection would be filed shortly.
The orchestra is nevertheless fighting for its life and plans a USD 214 million fund-raising attempt within the next few days, according to the report.
Board chairman Richard Worley said earlier this week that income and expenses faced a "fantastic imbalance" and that although the rescue plan would be difficult, "I believe we can do it."
A number of prestigious arts groups, including museums and opera companies, have faced financial strain since the recession and weak economic recovery in the United States.
The crisis announcement came as the city was hosting the inaugural Philadelphia International Festival of the Arts. The massive festival features over 135 events and 1,500 artists spread over 25 days.
Founded in 1900, The Philadelphia Orchestra considers itself one of the world`s leading ensembles, with acclaimed performances, major world tours and best-selling recordings.
PTI
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.