Skip to content
Subscriber Only

Philadelphia Orchestra Escrows Revenue in Case Season Fails

The Philadelphia Orchestra Association is keeping money from tickets sales for next season’s concerts in escrow in case the bankrupt symphony owner must cancel performances, an attorney said in court today.

Larry McMichael, an attorney for the association, said the 111-year-old orchestra expects to put on its next regular season, which starts in October. The escrow account was arranged should the orchestra, which says it has a $14 million deficit, issue refunds to its annual subscribers and other ticket buyers, McMichael told U.S. Bankruptcy Judge Eric Frank.