(PHILADELPHIA) -- One of the world’s top performing orchestras, the Philadelphia Orchestra, has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court.
In an announcement Saturday, orchestra officials say the decision to file for bankruptcy was made by its board of directors, based upon financial challenges facing the organization. According to a news release issued by the group, the Philadelphia Orchestra is faced with dwindling operating funds and a structural deficit of $14.5 million. Officials say the organization is operating at a significant loss, due to a decrease in ticket revenues and other income, and an increase in operational costs.
Orchestra officials are hoping that the decision to file for bankruptcy will allow the orchestra to continue operating, while its finances are restructured. Officials say all of the orchestra’s remaining concerts for the 2010-2011 season will go on as scheduled.
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