Philadelphia Orchestra, With $116 Million, Files for Bankruptcy
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The Philadelphia Orchestra, which made mushrooms and hippos dance in Walt Disney Co.’s animated “Fantasia” and premiered works by Stravinsky, Mahler and Rachmaninoff, filed for bankruptcy protection over the weekend.
The Fabulous Philadelphians, as they’re called on better days, opted for Chapter 11 reorganization under the U.S. bankruptcy code because otherwise they would’ve run out of cash by May, Philadelphia Orchestra Association Chairman Richard B. Worley said in court papers. Remaining performances this season will go on as scheduled, the orchestra said in an e-mailed statement.