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Cash-strapped Philly Orchestra, Philly Pops agree in bankruptcy court to sever ties, finances
PHILADELPHIA (AP) ' The financially troubled Philadelphia Orchestra and Peter Nero and the Philly Pops have agreed to end their six-year business partnership.
The organizations merged operations in 2005. The idea was to streamline administrative tasks and share financial operations and some staff.
But the relationship was strained almost from the start. The Pops has said it doesn't receive an adequate share of advertising and marketing funds to promote its concerts, and that hurts attendance.
Under terms of the agreement described in court documents, the Philadelphia Orchestra will pay $1.25 million to the Pops no later than the end of next June. The money will go to the Pops' operations.
The separation announcement made late Monday afternoon is the latest development in the orchestra's ongoing Chapter 11 bankruptcy reorganization efforts.