A decisive court hearing in the Louisville Orchestra’s bankruptcy case is today. A judge is expected to rule on the management’s financial reorganization plan, which outlines how it will pay its creditors and continue operations. But attorneys for a musician’s pension fund say the proposal is invalid until the musicians and management agree on a… Continue reading Judge Will Hear Arguments on Orchestra Reorganization Today
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.
Orchestra management has filed for Chapter 11 protection and is seeking to break its five-year contract with musicians in order to reorganize with a smaller number of players and a reduced schedule. Musicians are asking the court to reject the request for reorganization.
Bankruptcy isn’t a new idea to the Louisville Orchestra—its leaders nearly declared it in 2006. And they wouldn’t have been alone. In recent years, ensembles in San Jose, San Antonio and Honolulu have all gone through bankruptcy proceedings.