Top orchestra playing sad tune of bankruptcy
Published 18/04/2011 | 05:00
THE Philadelphia Orchestra, one of America's most prestigious ensembles and a favourite around the world, is expected to file for bankruptcy this week in a desperate effort to ensure its survival.
Known among its fans as the "Fabulous Philadelphians", the orchestra, founded in 1900, has seen its financial position deteriorate rapidly in the recession and a slow economic recovery.
Officials said it was running a very large deficit and risked running out of cash to pay its musicians. The decision to seek bankruptcy protection -- unprecedented among large US orchestras -- was taken at an emotional board of directors meeting on Saturday. As board members arrived for the vote, they were met by orchestra members playing funeral dirges. (© Independent News Service)