The Kitchener Waterloo Symphony may yet see another day.
“What we have learned is that when bankruptcy is declared, it doesn’t necessarily mean the game is over,” said Barbara Hankins, president of the symphony’s players’ association, in a statement to The Record.
It’s certainly true that the organization has been reduced to a shell, but perhaps it is a shell of possibility.
Earlier this week, according to a letter that was sent to supporters via email, the organization is looking for nominations for a new symphony board of directors — with a deadline of May 13.
The letter is signed by Rachel Smith-Spencer, board chair of the Kitchener Waterloo Symphony Orchestra Association.
Last September, musicians and KWS subscribers alike were shocked to find out that the season had been cancelled about a week before rehearsals were set to begin. Ongoing financial troubles, with the added weight of the pandemic-era drought in revenues, had sunk the ship. KWS owed $916K to creditors, with just over $273K in assets. Bankruptcy was the next logical step… or so it was thought.
The entire board resigned when the announcement was made, leaving Smith-Spencer alone to preside over the bankruptcy filing.
“Although the Association filed for bankruptcy, we have been advised that the option exists for the Association to file a Proposal to satisfy creditors and to move forward with the legal structure of the Association intact.”
So far, no formal steps, such as presenting a Proposal to creditors, have been taken. It boils down to the issue of whether the organization can continue as the Kitchener Waterloo Symphony, or begin again, presumably after bankruptcy proceedings, as a new organization.
As a new organization, however, it would face the usual challenges in terms of attracting support both from financial backers and audiences, as the letter details.
The letter goes on to explain, “An initial draft of a Proposal is being drawn up but the Proposal needs to be formally filed by the Association and therefore, the Association must have a board of directors in place.”
Reassembling a board of directors, who can then negotiate repayment terms, is the first concrete step towards a future.
Hannigan adds her comments to the letter, “As the Musicians of the KWS, we are hopeful that this process can be successful so that we can again see you in a concert hall in the near future,” she says.
The letter concludes with the announcement of a concert on May 11 that will feature the full contingent of KWS musicians performing together for the first time since the end of last season.
“We hope that we will see you there as we continue to do what we love to do — bring music to this wonderful community.”
- Find out more about the May 11 concert, and tickets, [HERE].
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