Wednesday, December 29, 2010
Louisville Orchestra Bankruptcy
KENTUCKY...
The CEO of the Louisville Orchestra has defended the organization's bankruptcy filing, saying the group had a rapid financial deterioration in the 10 months leading up to the filing in early December.
Orchestra head Robert Birman told a federal bankruptcy judge on Tuesday that the group had $15,000 on hand as of Dec. 27. The Courier-Journal reported that the orchestra has relied for the last decade on last-minute bailouts and bequests averaging $1 million to stay solvent.
In filing for bankruptcy protection, the orchestra has requested to break its collective bargaining agreement with its players in the Louisville Federation of Musicians Local 11-637.
Bankruptcy Judge David Stosberg did not rule on Tuesday on a request by the musicians to end the bankruptcy proceedings.
The CEO of the Louisville Orchestra has defended the organization's bankruptcy filing, saying the group had a rapid financial deterioration in the 10 months leading up to the filing in early December.
Orchestra head Robert Birman told a federal bankruptcy judge on Tuesday that the group had $15,000 on hand as of Dec. 27. The Courier-Journal reported that the orchestra has relied for the last decade on last-minute bailouts and bequests averaging $1 million to stay solvent.
In filing for bankruptcy protection, the orchestra has requested to break its collective bargaining agreement with its players in the Louisville Federation of Musicians Local 11-637.
Bankruptcy Judge David Stosberg did not rule on Tuesday on a request by the musicians to end the bankruptcy proceedings.
# posted by Homer Owens @ 11:32 PM 
