Philly's Prince Music Theater Files for Bankruptcy

Philadelphia's Prince Music Theater (Chesnut Street) has filed for bankruptcy protection under Chapter 11, which halted a scheduled sheriff's sale yesterday, October 5. The anticipated sale came in the wake of a foreclosure statement made by TD Bank two years ago, in which they cited the Prince for nonpayment of debt. According to The Philadelphia Inquirer, the theater owes TD Bank approximately $4.8 million.

Marjorie Samoff, the theater's producing director, told the Inquirer that filing for bankruptcy would allow time to sort out the debt, which the theater intends to pay, and that the Prince's schedule of films and shows will not be affected by these changes.

To read the full report in The Philadelphia Inquirer, click here.

The Prince Music Theater was founded in 1984 as the American Music Theater Festival, and in 1999 established a permanent home at 1412 Chestnut Street on the Avenue of the Arts. With two performance venues and first-class film capabilities, the Prince has offered more than 400 performances and screenings per year, attracting 100,000 arts attendees and serving as the catalyst for the revival of the Chestnut Street Corridor. The company has mounted 175 productions, including 132 world or American premieres by leading artists, and dozens of Prince productions have toured to New York (Broadway, Off-Broadway, Lincoln Center, Brooklyn Academy Of Music) Los Angeles, London and worldwide. The Prince is home to Morgans Cabaret, a nationally recognized showcase for the finest performers of the Great American Songbook, featuring top artists from Karen Akers and Christine Andreas to Eddie Bruce and Mark Nadler.

For tickets, film schedule, and other information, call 215 569-9700.