Hawaii News Now - KGMB and KHNL HomeHonolulu Symphony files for bankruptcy
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HONOLULU (HawaiiNewsNow) - Friday, Honolulu Symphony Board of Directors voted to file for Chapter 11. This will cause the Symphony to produce reorganization and development with debt obligations.
"As unfortunate as the decision is, given the circumstances and the absence of any definite significant donations, the vote by the board reflects our responsibility as an organization to fiscally responsible management," stated Majken Mechling, Executive Director of the Honolulu Symphony Society. "We cannot spend money we do not have."
Only 30 percent of ticket sales cover the costs of the Symphony. Based on ticket sales alone, the symphony must rely on donations for the other 70 percent of costs.
With the lack of operating funds, the remainder of the 2009 concert shows will not be scheduled as given on the calendar.
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