A reorganization plan for the presenter of the Philly Pops was approved Wednesday, clearing the way for the group to exit bankruptcy in about two weeks. Hearing no objections, Judge Eric L. Frank applauded lawyers for arriving at a plan with minimal litigation and wished the Pops luck.
"Now we have to sell some tickets," said Frank Giordano, president and CEO of Encore Series Inc., after the hearing in U.S. Bankruptcy Court.
Pops presenter ESI was compelled to file for bankruptcy under Chapter 11 in April 2011 as part of the bankruptcy of the Philadelphia Orchestra Association, with which it was in the process of merging. A shift in power on the ESI board, however, resulted in ESI's using the opportunity to renegotiate its contract with longtime Pops conductor Peter Nero, as well as other contractual agreements.