Updated: Wednesday, 20 Apr 2011, 4:31 PM MDT
Published : Wednesday, 20 Apr 2011, 10:53 AM MDT
ALBUQUERQUE (KRQE) - The sound of music is came to an end for the New Mexico Symphony Orchestra Wednesday as ongoing financial problems ended in bankruptcy.
At a news conference Wednesday symphony officials announced the decision to declare bankruptcy and cancel the upcoming season.
The board had discussed a Chapter 11 bankruptcy to clear debts, reorganize and continue. However, officials said NMSO doesn't have enough money for reorganization and so opted for Chapter 7, which liquidates the nonprofit corporation.
“We simply could not afford to file a Chapter 11 bankruptcy,” NMSO Board of Directors Vice Chair George Boerigter said. “Because we would have to conduct a fundraising program to raise money to file bankruptcy.”
It also means that more than 80 musicians and staff members will be out of a job.
NMSO has been facing money problems for several years including recently not being able to pay Popejoy Hall its rent payments.
The symphony blames its struggles on fewer donations and low attendance for its shows.
At the news conference George Boerigter, vice-chair of the symphony board, said it's unlikely ticket holders for concerts scheduled until September will get their money back. Instead they will join other creditors with claims against the symphony's assets.
Season ticket holders for next year, which starts after September 1 will be able to get their money back.
The symphony has been a prominent part of the Albuquerque music scene since 1932.