Philadelphia Orchestra plans to exit bankruptcy by mid-summer

    Orchestra leaders are optimistic for the organization’s financial future and have mapped out a plan that they hope will see them out of bankruptcy by July 31.

    But even after months of cost-cutting and pension negotiations, officials expect to “conduct special fund-raising efforts to underwrite deficits for the next several years as it maps out a new endowment campaign,” reports the Inquirer.

    The orchestra’s blueprint for recovery must first be considered by the U.S. Bankruptcy Court, and approved by Judge Eric L. Frank. The orchestra’s current creditors must also approve the plan.

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