Barry Bressler Offers Perspective on the Philadelphia Orchestra’s Decision to File for BankruptcyOn April 19, 2011 by Schnader in News
Barry E. Bressler was quoted in “Despite Financial Difficulty, Orchestra Plays On,” which was published on Newsworks.org and broadcast on WHYY 91 FM. The item detailed the Philadelphia Orchestra’s on-going financial struggles and the recent decision by the organization’s board to file for bankruptcy protection.
Despite the orchestra’s financial difficulties, the organization continues to operate and concerts continue to be performed. While management has asserted that there is only enough cash to operate until June, the orchestra does maintain several significant assets, including a $140 million restricted endowment. Mr. Bressler noted that “[a]ny party in interest – anybody they owe money to – could file a petition with the court and say the bankruptcy should be dismissed as a bad-faith filing.” He went on to note that such an action might hold up or at the very least be heard by a court “[i]f by dipping into their assets they could pay their bills as they mature, rather than go through a reorganization proceeding.”