From The Philly Inquirer:
The board of the 111-year-old Philadelphia Orchestra voted Saturday in favor of a Chapter 11 reorganization. The claim was expected to be filed this weekend in U.S. Bankruptcy Court, Eastern District of Pennsylvania, and the orchestra was expected to list assets at several times liabilities – an equation unusual for businesses seeking bankruptcy protection, according to several experts.
The move makes Philadelphia’s the first major U.S. orchestra to file for bankruptcy, say industry groups and veteran observers.
I haven’t done much research into this, but it has been largely my impression that western Classical Music has always been primarily supported by wealthy patrons, The Church, or The State save for brief moments in history. If this is true, we, as a people, need to decide whether we care enough about the art to support it, or whether we as classical musicians are going to find a way to build a new model of industry.