Pasadena Playhouse Emerges From Bankruptcy
PASADENA, Calif. — Pasadena Playhouse officials say a court has approved a bankruptcy reorganization plan so it won't be long before the historic theater is out of debt and back in business.
Executive director Stephen Eich issued a statement Thursday saying the plan was approved Wednesday.
The playhouse closed in February and filed for Chapter 11 bankruptcy in May with $2.3 million in debt. Eich says a $1 million pledge from a group of anonymous donors allowed them to come up with the plan. More donations were being sought.
The stage and school, where actors like Dustin Hoffman and Gene Hackman got their start, opened in 1925 and was California's official theater for 65 years.
Eich says the company hopes to announce plans for a fall production.
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Information from: Los Angeles Times, http://www.latimes.com
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07/ 8/10 02:00 PM ET Associated Press