Pasadena Playhouse Considers Filing Bankruptcy to Alleviate Debt
According to the LA Times, The Pasadena Playhouse, which closed its doors on February 7 due to financial troubles, is in the process of making decisions regarding their future legal scenario. Aiming to eventually return to the boards, Pasadena Playhouse is currently $2 million in debt.
Stephen Eich, managing director, said that The Playhouse managers have not decided if filing for bankruptcy or raising money would be the best option. The Playhouse sent its subscribers an e-mail message thanking them for "your patience as we continue to seek solutions to the financial difficulties." According to Eich, half the $2 million is owed to 5,700 subscribers, some of whom bought packages for as many as six plays.
As one of the great institutions of the American theatre since 1917, the Pasadena Playhouse remained committed to the development and presentation of a diverse variety of theatrical productions at the highest level of artistry. By cultivating and utilizing the unique resources inherent in our greater community, the Pasadena Playhouse preserved and amplify the powerful voice of theatre, assuring its vitality for generations to come.
In recent years, The Playhouse has become instrumental in launching new works and landmark revivals for the American theatre. Highlights since 2005 include the launch of the national tour of Purlie (with the Goodman Theatre), the world premiere of SISTER ACT the Musical (with the ALLIANCE THEATRE, opening on the West End in 2009), the world premiere of Ray Charles LIVE!, the world premiere of Looped starring Valerie Harper (opening at The Cuillo Center for the Arts in January of 2009) and the World Premiere of Vanities, a new musical (opening on Broadway in 2009).
If The Playhouse declares bankruptcy, subscribers will be able to file claims as creditors with the U.S. Bankruptcy Court, to get back at least part of what they paid for their tickets. Other theater companies have offered proposals to honor the subscriptions if The Playhouse cannot.
To read the full story, visit http://www.latimes.com.
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