The Philadelphia Orchestra has stepped into the sunlight, announcing on Tuesday that it formally emerged from operating under Chapter 11 of the bankruptcy code. The development, which happened according to schedule, comes after a little more than a year of operating under the cloud of bankruptcy protection. No major American orchestra, amid periodic waves of economic hardship in the symphonic world, had taken the measure before.
Orchestra officials said the filing, on April 16, 2011, was necessary to deal with a high pension burden and mounting losses from a drop in donations and ticket sales. “There is much critical diligence and fiscal capitalization to be achieved for the orchestra,†its president and chief executive, Allison Vulgamore said in a prepared statement, adding, “and we embrace this new era - and our audiences - with gratitude and dedication.†The orchestra is now playing at the Saratoga Performing Ar ts Center and opens its main season at Verizon Hall on Oct. 18.
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