From the Philadelphia Inquirer:
The move makes Philadelphia’s the first major U.S. orchestra to file for bankruptcy, say industry groups and veteran observers.
Concerts and business operations continue unfettered. In fact, orchestra leaders in the next few days expect to roll out a $160 million fund-raising campaign - their largest and riskiest ever - to save the orchestra from the worst-case scenario of liquidation.
It will be interesting to learn how the orchestra’s major asset of $140 million in endowed funds is viewed by the bankruptcy court.
See also earlier Everything Matters posts here about the Detroit Symphony Orchestra’s saga.