PHILADELPHIA (AP) — The Philadelphia Orchestra says it has reached a settlement agreement with the national pension fund representing musicians for the financially struggling organization.
The Philadelphia Orchestra Association said it will pay $1.75 million to the American Federation of Musicians and Employers' Pension Fund. In exchange, the pension fund will drop its court challenges against the orchestra.
The agreement was approved Tuesday by the judge overseeing the Chapter 11 bankruptcy reorganization filed a year ago by the orchestra.
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