Honolulu Symphony files Bankruptcy

Symphony files bankruptcy

Bankruptcy protection will allow the orchestra a chance to raise the needed operating funds

By Star-Bulletin staff

POSTED: 01:30 a.m. HST, Dec 19, 2009

The Honolulu Symphony owes its largest creditors about $2.4 million and has assets of between $100,000 and $500,000, according to documents filed in Bankruptcy Court in Honolulu yesterday.

As expected, the 109-year-old orchestra formally filed for Chapter 11 bankruptcy protection yesterday as it seeks to raise money and reorganize.

The symphony had been in financial trouble for several years, and the Honolulu Symphony Society announced last month that it was canceling its 2009 concert schedule, leaving its 64 musicians without jobs.

“We cannot spend money we don’t have,” Executive Director Majken Mechling said in a news release announcing the cancellation and bankruptcy.

WHAT’S OWED

The Honolulu Symphony lists assets of between $100,000 and $500,000 in its bankruptcy filing and debts of between $1 million and $10 million. The largest creditors are:

Creditor Amount

Honolulu Symphony Foundation $750,000.00

DEG III LLC $469,960.44

Central Pacific Bank $237,518.05

AFM&E Pension Fund $179,616.46

Outstanding payroll $103,039.97

Musicians Association $71,845.03

Matthew M. Catingub $70,275.00

Castle & Cooke Properties $62,985.41

Hawaii State Tax Collector $55,287.27

Source: U.S. Bankruptcy Court document

In the court documents, Peter Shaindlin, chairman of the symphony’s board of directors, said ticket sales account for only 30 percent of the budget and that without a major increase in donations and funding, the symphony cannot pay its musicians and other employees.

Shaindlin said the symphony hopes to reorganize its fundraising activities and finances before it reinstitutes its musical programs.

In a news release last month, the symphony society said it was also meeting with the musicians union to discuss labor cuts and options to resume the symphony, possibly with a smaller orchestra.

Symphony musicians and performers are among the 226 unsecured creditors listed in the bankruptcy petition. Honolulu Pops conductor Matt Catingub is listed as being owed more than $70,000, and outstanding payroll is listed at more than $100,000.

Symphony files bankruptcyBankruptcy protection will allow the orchestra a chance to raise the needed operating funds
By Star-Bulletin staff
POSTED: 01:30 a.m. HST, Dec 19, 2009
The Honolulu Symphony owes its largest creditors about $2.4 million and has assets of between $100,000 and $500,000, according to documents filed in Bankruptcy Court in Honolulu yesterday.
As expected, the 109-year-old orchestra formally filed for Chapter 11 bankruptcy protection yesterday as it seeks to raise money and reorganize.
The symphony had been in financial trouble for several years, and the Honolulu Symphony Society announced last month that it was canceling its 2009 concert schedule, leaving its 64 musicians without jobs.
“We cannot spend money we don’t have,” Executive Director Majken Mechling said in a news release announcing the cancellation and bankruptcy.
WHAT’S OWED
The Honolulu Symphony lists assets of between $100,000 and $500,000 in its bankruptcy filing and debts of between $1 million and $10 million. The largest creditors are:
Creditor AmountHonolulu Symphony Foundation $750,000.00DEG III LLC $469,960.44Central Pacific Bank $237,518.05AFM&E Pension Fund $179,616.46Outstanding payroll $103,039.97Musicians Association $71,845.03Matthew M. Catingub $70,275.00Castle & Cooke Properties $62,985.41Hawaii State Tax Collector $55,287.27 Source: U.S. Bankruptcy Court document
In the court documents, Peter Shaindlin, chairman of the symphony’s board of directors, said ticket sales account for only 30 percent of the budget and that without a major increase in donations and funding, the symphony cannot pay its musicians and other employees.Shaindlin said the symphony hopes to reorganize its fundraising activities and finances before it reinstitutes its musical programs.
In a news release last month, the symphony society said it was also meeting with the musicians union to discuss labor cuts and options to resume the symphony, possibly with a smaller orchestra.
Symphony musicians and performers are among the 226 unsecured creditors listed in the bankruptcy petition. Honolulu Pops conductor Matt Catingub is listed as being owed more than $70,000, and outstanding payroll is listed at more than $100,000.

complete article here.