Stephen Eich, Pasadena Playhouse's executive director, issued a statement today saying the company had created a plan to save the theater from Chapter 11 Bankruptcy. Since it shut down its main stage in January, the Playhouse has been searching for ways to pay down its $2.3 million debt, mostly owed to subscribers, bankers and vendors. The company received a $1 million matching pledge from anonymous donors as part of its effort to raise funds. Eich also said the plan will allow the theater to move slowly in the future to ensure financial responsibility and stability.
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