Ruling On Orchestra Bankruptcy Coming At 2:00pm

by Rick Howlett on August 15, 2011

A judge will announce at 2:00pm today if he’ll approve the Louisville Orchestra’s plan to emerge from bankruptcy.

U.S. Bankruptcy Court Judge David Stosberg heard arguments this morning on the plan, under which the orchestra would repay some of its creditors.

Orchestra management is still without a contract with its musicians, and the orchestra’s new season is scheduled to begin September 10.

Orchestra CEO Rob Birman testified that the orchestra continues to work with a mediator to reach a contract agreement.

Three parties are opposed to the reorganization plan: the musicians’ union, a second musicians group and the musicians’ pension fund, which says the agreement should not be approved unless a contract has been
reached.

The pension fund is seeking a $3 million penalty it claims is owed by the orchestra, which filed for Chapter 11 bankruptcy protection late last year.

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