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The Philadelphia Orchestra has confirmed that it has emerged from bankruptcy after a reorganisation plan was deemed successful.
After being declared bankrupt in April 2011, The Philadelphia Orchestra has planned to claw its way out of debt thanks to some financial reorganisation. The orchestra faced debts, claims and liabilities of around $100m.
Measures taken to ensure their route out of bankruptcy included the loss of 10 musicians and a 15% wage reduction for the remainder. Yearly instalment payments will gradually pay off any remaining debts, as outlined in an official statement .
The news will be a confidence-boost to the orchestra, one of many US ensembles that have weathered tough financial conditions in recent years. Both the Honolulu and New Mexico Symphony Orchestras have also declared themselves bankrupt.
The Philadelphia Orchestra will welcome Yannick Nézet-Séguin as its music director for the 2012-13 season.