A lifeline for the Philadelphia Orchestra?main
The board says it has raised $27.5 million in pledges and donations in the bid to stave off bankruptcy.
But most of the money – $16.3 million – comes as challenge grants, which usually means others must be found to match the amounts before a penny is put in. The orchestra needs to find another $17m by the end of the year if it is to emerge from bankruptcy protection.
From the information released today, it does not look to me that they are anywhere near out of the tub.