Providence Black Rep Files for Receivership Protection

The Providence Black Repertory Company has filed for receivership but continues to operate and has no plans to close its doors, according to a report in The Providence Journal.

The petition for financial protection filed September 10 will give the organization time to reorganize and deal with its debt-load. During this time, the group will also form a new board of directors. Once this has happened, a new nonprofit corporation will be formed and will make an offer to the court-appointed receiver to buy back the company’s assets.

Black Rep first announced its financial difficulties almost a year ago. Last November, it laid off five full-time staff members and ultimately, canceled the remainder of its season. It also slashed its budget by about 30 percent, from $1.5 million to about $1 million.

For further information, visit: www.blackrep.org.