Pasadena Playhouse ends bankruptcy, still needs millions to recover
This time it could be less than nine months. The Playhouse announced Thursday that it has emerged from Chapter 11 bankruptcy free of debt, has enlisted a new $1-million donor and expects to have a play on the boards by October.
It will be far from the $8 million a year operation it was as recently as 2008. After that, a combination of left-over debt and shrinking donations amid a crumbling economy led to its closing in February and the cancellation of the rest of 2010 season.
The future depends on whether the remaining organization -- an artistic director, executive director, two support staffers and a board of directors -- can reel in the millions needed to re-establish the Playhouse as a major regional company. For now, it will proceed one show at a time.
"I have a sadness for the folks that had to take the hit because of the bankruptcy filing," said Stephen Eich, executive director. "There really wasn't an alternative if there was going to be a Pasadena Playhouse."
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-- Mike Boehm
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Photo: Audience at the Pasadena Playhouse awaits "Camelot," the final production before it closed in February. Credit: Stefano Paltera / For The Times