Pasadena Playhouse Files for Bankruptcy and Seeks to Reorganize

The Pasadena Playhouse, a popular theater in southern California, has filed for bankruptcy with the hope that it can reorganize and find a way to recover from the effects of the recession, which have left the theater dark since February, the Los Angeles Times reports.

The theater owes $2.3-million but has only $102,000 in savings and cash, and although the playhouse holds about $7-million in assets, $5.9-million of that amount is in the form of donations that have been promised, not cash in hand.

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