The world-famous Philadelphia Orchestra has filed for Chapter 11 bankruptcy after running into tough times.
Here's what Board chairman Richard Worley had to say about the decision:
"We're running low on cash, we're running a deficit, and we have to put ourselves in a position to attract investment funds to help us."
And [...]
Source: http://perezhilton.com/2011-04-18-philadelphia-orchestra-files-for-chapter-11-bankruptcy
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