Philadelphia – it's the worst outcome
The board of the Philadelphia Orchestra has voted to take the company into Chapter 11 bankruptcy, presumably to protect itself against spiralling losses. The current season is $5 million down on a $46 million budget.
Philadelphia is the first of the Big Five and the largest US orchestra ever to go into meltdown. Concerts will continue for the rest of the season while a fundraising campaign is mounted. The baord hopes the bankruptcy warning can be removed by the end of the season, but the move places a huge question mark over the orchestra’s future.
s the latest WQXR report.
The Philadelphia Orchestra recently appointed the young Canadian Yannick Nezet-Seguin as its next music director. He must be reading these reports with anxiety.