The Philadelphia Orchestra Association won court permission to exit bankruptcy after cutting musicians’ salaries and benefits by about $4 million a year, according to the orchestra's attorney, Bloomberg News reported ysterday. The 112-year-old symphony has already raised the $3 million needed to pay debts tied to its bankruptcy, allowing it to leave court protection sometime next month, said orchestra lawyer Lawrence G. McMichael. Leaving bankruptcy will make it easier for the orchestra to raise the $5 million needed for normal operations this year, McMichael said. While in bankruptcy, the orchestra eliminated all its debt and reduced expenses by $6 million a year.
