PHILADELPHIA (AP) — The Philadelphia Orchestra says it has reached a settlement agreement 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 approved Tuesday by the judge overseeing the Chapter 11 bankruptcy reorganization filed a year ago by the orchestra.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
