Friday, August 28, 2015

Bankruptcy fees pass $3 million mark for Philadelphia Orchestra

July brought $500,000 in new legal bills for the Philadelphia Orchestra Association. Five of the six major law firms and other consultants to the Association's chapter 11 case submitted invoices for court approval for the period covering July 1-31, bringing the total to just over $3 million.

Bankruptcy fees pass $3 million mark for Philadelphia Orchestra

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July brought $500,000 in new legal bills for the Philadelphia Orchestra Association. Five of the six major law firms and other consultants to the Association's chapter 11 case submitted invoices for court approval for the period covering July 1-31, bringing the total to just over $3 million.

In its strategic plan, the Association estimated that the entire case would cost $2.9 million in professional fees. (In addition, the plan called for $3 million to allow for settlement with creditors, and $2.5 million to cover any declines in ticket sales and donations during bankruptcy.)

That sum reflects only part of the expense brought by the case so far. In addition, the Kimmel Center, Peter Nero and the Philly Pops, the American Federation of Musician and others are incurring legal and other professional fees in the four-month-old case.

A spokesman retained by the Association for the bankruptcy said a revised projection for costs would be issued in early fall.

“All initial projections were based on an estimate of reasonable progress in the case," said Matt Broscious. "Any number of factors can impact those costs as the process moves forward and we are hopeful that the coming weeks may bring some resolution.”

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