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Orchestra Submits Bankruptcy Plan
The Louisville Orchestra has taken the next step in the Chapter 11 process. On Monday, the Orchestra filed a disclosure statement and a reorganization plan for how it might emerge from bankruptcy and keep on playing. At a hearing this morning in court, a federal judge set a hearing date of June 28th to review the disclosure statement, which is essentially a cataloguing of the orchestra’s finances and outstanding debts.
The orchestra’s musicians have until June 13th to file objections to the disclosure statement. A spokesperson for the musicians declined comment, saying their attorneys are still reviewing both the disclosure statement and the reorganization plan.
The orchestra’s contract with the musicians expires at midnight. After that, the musicians will be officially unemployed. No negotiations are scheduled.