Daily News: August 2, 2012

Philly Orchestra Emerges From Chapter 11

The Philadelphia Orchestra Association (POA) and its wholly owned subsidiary, the Academy of Music (AOM), announced it has officially emerged from Chapter 11 bankruptcy protection, effective July 30, 2012.

As previously announced, the POA’s plan of reorganization was confirmed by the U.S. Bankruptcy Court of the Eastern District of Pennsylvania on June 28, 2012. Through its financial reorganization, the POA addressed more than $100 million in claims, debts, and liabilities with a settlement of $5.49 million. Of that total, $4.25 million will be paid as of the effective date. The remainder of the POA’s settlement payments will be distributed based upon previously agreed upon multi-year schedules.

Renowned for its distinctive sound, desired for its keen ability to capture the hearts and imaginations of audiences, and admired for an unrivaled legacy of “firsts” in music-making, The Philadelphia Orchestra is one of the preeminent orchestras in the world.

Previously on abfjournal.com:

Philadelphia Orchestra Hires Alvarez & Marcel in Chapter 11 Filing, Monday, April 18, 2011