Friday, April 22, 2011

New Mexico Symphony Goes Bankrupt

Last weekend, the Philadelphia Orchestra's board voted to restructure under Chapter 11; now, the New Mexico Symphony in Albuquerque is closing up shop.

According to one report, the musicians were surprised at the decision by the board to file Chapter 7: 
One musician called out Board of Directors Vice-Chair George Boerigter, saying that less than two weeks ago the musicians were told the symphony was headed toward Chapter 11 reorganization. 
Talk of financial trouble dates back to 2008, and board member George Boerigter claims that the orchestra didn't even have the funds available to restructure under Chapter 7.

Earlier this month, the Syracuse Symphony also folded, citing an inability to raise money for even the rest of the season, and the Detroit Symphony, while avoiding bankruptcy, ended a strike that saw musicians' salaries cut to offset crushingly large debt.