Toronto Symphony Orchestra Negotiates Restructuring

In January 2002, the Toronto Symphony Orchestra (TSO) completed an informal negotiated restructuring that has permitted it to continue operating. The TSO announced last autumn that it had created a special committee to guide it through a financial restructuring. The restructuring included support from the Toronto Symphony Foundation (an endowment fund for orchestral music), amendments to the TSO’s collective bargaining agreement with its musicians, a modified business plan and a change in the TSO’s governance structure.

Bob Rae of Goodmans LLP played a key role in overseeing the restructuring and co-ordination of negotiations with both the federal and provincial governments. He has been appointed chair of the TSO board. Geoff Morawetz, Brian Empey and Pat Robinson of Goodmans acted for the TSO. Lambert Huizingh acted as chief restructuring officer of the TSO. Tony DeMarinis and David Baird, Q.C., of Torys LLP represented the foundation. Jules Berman of Minden Gross Grafstein & Greenstein LLP acted for the musician’s union. David I. Richardson of Ernst & Young Inc., and Joseph Tucker of KPMG Inc. acted as financial advisors to the TSO and the foundation, respectively.