The Syracuse Post-Standard reported that the next step in Syracuse Symphony Orchestra’s filing of Chapter 7 bankruptcy takes place today in U.S. Bankruptcy Court for the Northern District of New York. A creditors’ meeting will be held at 12:30 p.m. in Room 207 at James M. Hanley Courthouse, 100 S. Clinton St., Syracuse.
The SSO voted to file for Chapter 7 bankruptcy April 5, two days after laying off its 61 core musicians and 14 contract players. The organization claimed $327,000 in assets and about $4 million in liabilities.
The main secured creditor is M&T Bank, for a loan of about $545,000. The bank has a lien on the SSO’s Steinway piano, music library and other equipment. There are also 559 unsecured creditors, ranging from a $2.7 million debt to the musicians’ pension fund to useless $20 tickets for canceled concerts for its 50th anniversary season.
The SSO owes the Oncenter, the government-owned facility where it plays most concerts, $68,000 for hall rental, food and ticket fees and another $2,500 for parking. Read more here.
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