Philadelphia Orchestra Reaches Deal on Players’ Pension Fund

Resolving one of the stickiest issues arising from its bankruptcy reorganization, the Philadelphia Orchestra has settled its legal fight with a national musicians’ retirement fund, The Philadelphia Inquirer reports.

The orchestra’s withdrawal from the American Federation of Musicians and Employers’ Pension Fund, a key component of its reorganization plan, led to a $35-million lawsuit that threatened to further delay the year-old bankruptcy proceeding. The fund agreed to drop its legal challenge in exchange for a a $1.75-million payment from the orchestra.

With its reorganization plan now uncontested, the orchestra could emerge from bankruptcy within 90 days.