March 11, 2015
As I previously reported, the Prince Music Theater was on the verge of collapse in January after its major benefactor died last year. At that point, things looked grim for the Prince, my former Chapter 11 bankruptcy client.
I’m very happy to report that the Philadelphia Film Society, with generous help from the Wyncote Foundation, has purchased the Prince Music Theater, with an emphasis on first-run and festival film, as well as the productions of live theater. The Prince Music Theater lives on!
Once again, lessons to learn from the Prince bankruptcy, whether you are an individual or a corporation (or a non-profit): Have a good bankruptcy lawyer. Have a plan of reorganization that is realistic. If you have a benefactor, make sure the benefactor has a good estate plan. And have a plan for post-bankruptcy.
A bit of good news to go along with today’s beautiful spring weather!