PHILADELPHIA (AP) - A Philadelphia children’s museum has emerged from the bankruptcy it declared after borrowing more money than it could pay back to renovate a new home in Fairmount Park’s Memorial Hall.
The Philadelphia Inquirer (https://bit.ly/1TODS9r ) reports that a federal judge on Wednesday agreed to a plan that will lift the Please Touch Museum’s $60 million debt for a payment of $11.25 million.
New chief executive Patricia Wellenbach called it “a great burden lifted” for the museum, which celebrates its 40th anniversary this fall.
Wellenbach said she hopes to eliminate operating losses the museum still faces for the next year. Her plans include “responsibly” bringing digital experiences into the museum, increasing inclusiveness by such measures as bilingual signs, and increasing the “age-out” point from age 7 to age 10 or 11.
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Information from: The Philadelphia Inquirer, https://www.inquirer.com
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