The board of the Philadelphia Orchestra has voted to file for chapter 11 bankruptcy protection.
The Syracuse Symphony filed for Chapter 7 which means liquidation. Chapter 11 means that the orchestra will continue with their concert schedule and remain in business.
It seems quite odd that an orchestra with an endowment of $140 million would need to file for bankruptcy. It appears that the two main reasons are the cost of renting the Kimmel Center and the cost of funding grandfathered pensions. (Newer members are not pensioned). The Orchestra owns the Academy of Music, therefore it was responsible only for maintenance. The Kimmel on the other hand is a monstrosity straight out of The Fountainhead. The current political climate seems to favor union busting and that appears to be what the board has in mind since the union has repeatedly made concessions. The board is showing no small measure of disrespect to the musicians who have spent a lifetime to reach the top of their game.
