Legal News

Pasadena Playhouse comes out of Chapter 11

By Richard Binder

Pasadena Playhouse has announced that after nearly two months, they have emerged from Chapter 11 bankruptcy and their financial reorganization plan has been approved by the courts.

The Playhouse's executive director Steven Eich praised the "indefatigable efforts" of pro bono legal team Munger, Tolles, and financial advisors Alvarez & Marsal, as well as the city of Pasadena itself and the Playhouse's subscribers and donors.

Earlier this year, Pasadena Playhouse received a matching pledge of $1 million by anonymous donors who read the news about the Playhouse's decision to explore financial reorganization. The donors expressed how they were "moved by the Playhouse's desire to make the comprehensive courageous choices that were necessary to help the State Theater of California restructure its administrative operations in an effort to rid itself of long-standing debt," according to a Playhouse statement.

Officials say they hope to embark on a campaign to raise funds to match or exceed the gift.

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Full post as published by Legal Pad | LA on July 08, 2010 (boomark / email).