New legal and professional bills submitted for court approval adds $750,000 to the Philadelphia Orchestra Association bankruptcy tab.

According to U.S. Bankruptcy Court documents,  the orchestra’s Chapter 11 proceeding had produced $2.4 million in expenses and fees to outside forms and consultants by the end of June. With months remaining in the Chapter 11 process, the cost of the proceedings is closing in on the $2.9 million the association once forecast for the entire process.

“The $2.9 million projection referenced in the most recent draft of the strategic plan reflects only bankruptcy-related professional fees and was based on an estimate of reasonable progress in the case,” orchestra spokesman Matt Broscious wrote in an email. “There are any number of factors and costs . . . The orchestra does not plan on issuing a revised projection for costs of reorganization until sometime in early fall. With the goal to provide ongoing financial sustainability for the orchestra, the bankruptcy process represents a set of onetime, short-time costs that will help us do that.”

The largest invoice to date comes from the orchestra’s bankruptcy lawyers, who have so far billed $1.05 million. The invoice shows billable hours by 12 lawyers and two paralegals. The second-largest invoice comes from the association’s bankruptcy adviser, with a total of $833,365.

If your business needs assistance with bankruptcy litigation, please contact the New Orleans Business Bankruptcy Litigation Attorneys of the Law Office of David D. Kervin, Jr. by calling 504-599-5906.

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Tags: Bills, Orchestra’s Bankruptcy
Posted September 26, 2011 by Brayden Laura under Credit Report

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