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October 22, 2014

Outlook Brightens for Once-Bankrupt Philadelphia Orchestra

Two years after exiting Chapter 11 bankruptcy, the Philadelphia Orchestra is reporting upswings in several key financial indicators, including double-digit gains in donations and ticket sales, writes The Philadelphia Inquirer.

The orchestra has paid off obligations associated with its bankruptcy settlement and run a modest budget surplus in the fiscal year that ended August 31, thanks largely to a transformation fund that has raised $69-million in the past five years to plug gaps between income and expenses. Officials plan to phase out the fund in the next couple of years and are focusing development efforts on building the organization's endowment.