Philly Orchestra, Musicians' Pension Fund Settle
Wednesday, April 25, 2012 - 10:00 AM
The Philadelphia Orchestra says it has reached a settlement with the national pension fund representing musicians for the financially struggling organization.
The Philadelphia Orchestra Association said it will pay $1.75 million to the American Federation of Musicians and Employers' Pension Fund. In exchange, the pension fund will drop its court challenges against the orchestra.
The agreement was announced Tuesday by the judge overseeing the Chapter 11 bankruptcy reorganization filed a year ago by the orchestra.
The orchestra is finalizing details on an amended contract with the Kimmel Center, its landlord.