Philadelphia Orchestra raises $11 million to climb out of financial crisis
The Philadelphia Orchestra, which filed for Chapter 11 bankruptcy in April, has raised $11.2 million and has pledges for more, indicating that the celebrated ensemble is climbing out of the deep financial crisis that threatened its existence.
In addition to the $11.2 million already raised, challenge grants totaling $16.3 million have been pledged. To meet those matching gifts and fund the first three years of its reorganization plan, the orchestra must raise $17.5 million by the end of 2011, which seems likely.
In a statement released Wednesday, the orchestra said that the $11.2 million came from a number of charitable organizations and philanthropists including the William Penn, Wyncote and Neubauer Family foundations, Gerry Lenfest and members of the orchestra’s board.
The announcement of the new funds comes just two months after the orchestra filed for bankruptcy citing “rapidly dwindling operating funds” and a deficit of $14.5 million.
Pointing to the launch of a $15.3 million Recovery Fund last year and the recent announcement of a new strategic plan, orchestra president and chief executive Allison Vulgamore, said: “We have taken important steps to secure a sound and exciting future – artistically and fiscally – for The Philadelphia Orchestra. These newly announced gifts, pledges, and challenges not only bolster our confidence and drive our continued efforts to secure the renaissance of this beloved ensemble, but also demonstrate an exceptional commitment to the advancement of the Orchestra for today’s audiences and for generations to come.”
In 2012, Yannick Nézet-Séguin will become the eighth music director to lead the Philadelphia Orchestra in its storied 111-year history.