The theater's principal debt - about $4.8 million - is owed to TD Bank, which had foreclosed on the property, securing a judgment on Christmas Eve 2008 and pushing it to sheriff's sale.
Rebecca S. Acevedo, a spokeswoman for the bank, issued a statement by e-mail following the bankruptcy filing in Philadelphia:
"TD Bank has been a long time supporter of the mission of the Prince Music Theater. We will continue to work through the legal process, now the bankruptcy court, on a resolution of this matter. Given the pending litigation, it would be inappropriate to comment further."
Samoff said that the bankruptcy filing would not affect the Prince's schedule of shows and films. Philadelphia Film Festival events will begin as scheduled in a little over a week, she said. Educational programming is starting up, the theater's cabaret is set, and plans are moving forward for main-stage events next spring.
The Prince has a 446-seat main-stage auditorium and 150 upstairs seats.
The bankruptcy filing is only the latest in a complex series of events that has left the Prince and TD Bank very much at odds. The bank moved to foreclose nearly two years ago, citing nonpayment of debt.
But the theater owners said that they had renegotiated the payments with TD's predecessor, Commerce Bank, and that TD reneged on the agreement after acquiring Commerce. In a 63-page lawsuit filed earlier this year, the Prince owners cited a number of debt agreements with the bank or its agents that, the suit alleges, TD Bank refused to honor.
The bank has declined to comment on the lawsuit.
Samoff said the Prince had a payment plan and wanted to honor debts to all its creditors. "We intend to pay," she said. "We are committed to fulfilling our responsibilities to all of our partners."
Contact culture writer Stephan Salisbury at 215-854-5594 or ssalisbury@phillynews.com.
