The Pasadena Playhouse has successfully emerged from chapter 11 bankruptcy. Munger, Tolles & Olson served as pro bono counsel for the 85-year-old theater, developing a reorganization plan that was approved by the U.S. Bankruptcy Court on July 7, only two months after the case commenced.
“We are deeply grateful for the collective support that has allowed the Playhouse to expeditiously move through this difficult but rewarding process,” Mr. Eich, the Playhouse's executive director, wrote in a statement. “On this journey we found a new meaning to the word collaboration. The indefatigable efforts of our pro bono legal team Munger, Tolles, and Olson LLP, led by Thomas Walper, Seth Goldman, and David Lee, our pro bono financial advisors Alvarez & Marsal, led by Matt Kvarda, the City of Pasadena, our Board of Directors, and our small staff have all combined to create a plan to resurrect the Playhouse from years of unbearable debts.”
The Munger Tolles team representing the Playhouse also included associates Bernard Eskandari and Benjamin Howell.
“An inordinate number of nonprofits and charities are in crisis now.” Mr. Walper told The AmLaw Daily. “I am very pleased that with the tremendous support of the board, the executives and staff, and very generous donors, we were able to restructure this valuable institution. I also commend the season ticket subscribers, whose overwhelming support for the reorganization was essential.”
“[The Playhouse is] not only important in terms of providing theater, but it gives back by bringing disadvantaged youth in Pasadena to plays, and it serves as a hothouse for a lot of upcoming playwrights,” Munger Tolles partner and former Playhouse board member Gregory Stone added.
With the approved plan, the Playhouse will honor its subscriber obligations and be able to continue its long history of providing high-quality plays to the Pasadena community. The Playhouse is pleased to build on this tradition with its Fall 2010 production schedule, which includes FDR staring Ed Asner, Uptown Downtown staring Leslie Uggams, The Nutcracker and Dangerous Beauty, a new musical.