The management of the Louisville Orchestra is awaiting word on whether endowment funds can be spent to pay musicians.
The orchestra is under court order to honor the musicians’ contract, despite a Chapter 11 filing. The body does not have the money on hand to pay the musicians, and management has reportedly sought to tap the endowments.
Both sides in the case declined to comment.
If the roughly $10 million spread over two endowment accounts cannot be spent, there will be few options left for the orchestra’s board of directors. The management, the musicians or the judge could move to make the case a Chapter 7 filing, meaning the orchestra would have to liquidate its assets. Roughly $8 million in endowment funds would then have to go toward financing symphonic music.
The judge in the case is out of town and is not expected to make any decisions until next week at the earliest.
Meanwhile, the musicians and a group of supporters have formed the Keep Louisville Symphonic organization. The nonprofit will hold a free concert Saturday at Ballard High School.