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.



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