Philadelphia-based Please Touch Museum, driven into bankruptcy by $60 million in debt used to pay for its 2008 move to Memorial Hall in Fairmount Park, won a judge's blessing Wednesday to shed that debt for a payment of $11.25 million, the Philadelphia Inquirer reported today. "It is a great burden lifted for the organization," said Patricia Wellenbach, who had been an adviser to Please Touch since November and will become chief executive when it formally exits bankruptcy, likely early next week. The tax-exempt children's museum, which will celebrate its 40th anniversary this fall, raised $5.75 million from donors and the remainder out of reserves from the museum's 2006 bond sale. In all, the museum has raised $7.86 million since filing for bankruptcy protection in September. The William Penn Foundation provided $1.3 million, the Neubauer Family Foundation $1 million, and the Hamilton Family Foundation $350,000. The largest donation was $3.25 million from an anonymous individual. To persuade foundations and philanthropists to contribute, Wellenbach had to sell them on the possibility of rejuvenating the institution for new generations of children. As part of the bankruptcy resolution, Please Touch will pay about $150,000 to lawyers and other professionals involved in the bankruptcy and $380,000 to unsecured creditors.
