(Mike Boehm’s article appeared in the L.A. Times, 5/12.)
Owing $2.3 million but holding just $102,000 in savings and cash, the Pasadena Playhouse filed for Chapter 11 bankruptcy Monday night in hopes of regaining its financial footing and eventually resuming performances on a stage that has been dark since Feb. 7. Stephen Eich, the nonprofit theater company's executive director, had no comment Tuesday about what might happen next but said playhouse leaders hope to provide more details in the coming days about their strategy for recovering sufficiently for shows to resume. "It has taken longer than we thought" to decide on the bankruptcy filing and prepare the necessary information, Eich said. "We think we've done it correctly, and we're in good hands with Munger, Tolles & Olson," the Los Angeles law firm that is representing the playhouse in U.S. Bankruptcy Court.
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