Philadelphia Orchestra announces funding pledges as part of bankruptcy recovery effort

The Philadelphia Orchestra has announced more than $10 million in funding pledges has come in, and even more is expected as the orchestra attempts to pull itself out of bankruptcy.

Since April, $11.2 million has come in from foundations, philanthropists and the board, as the Associated Press reports. CEO Allison Vulgamore says $16.3 million in challenges pledges is expected if the orchestra can raise another $17.5 million by the end of the year.

The orchestra has a five-year plan to raise $100 million in endowment funds and $60 million to fund operations, programming and other expenses.