The expenses and fees for the bankruptcy process incurred by the Philadelphia Orchestra to lawyers, consultants and other professionals are fast approaching the amount originally set, which is a sizable $2.9 million. The amount outstanding as at the end of June is $2.4 million, after the most recent bill of about $750,000 was added to the overall expenses.
According to Orchestra spokesman Matt Broscious, “The $2.9 million projection referenced in the most recent draft of the strategic plan reflects only bankruptcy-related professional fees and was based on an estimate of reasonable progress in the case.”
The Orchestra is within months of exiting Chapter 11 bankruptcy. However, there are yet some factors that may influence the cost of bankruptcy. Nevertheless, the Orchestra has no plans to revise the initial projected figure of $2.9 million Broscious said, “There are any number of factors that can impact those costs . . . The orchestra does not plan on issuing a revised projection for costs of reorganization until sometime in early fall. With the goal to provide ongoing financial sustainability for the orchestra, the bankruptcy process represents a set of onetime, short-term costs that will help us do that.”
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