Bloomberg Law
Sept. 1, 2021, 9:08 PM

Jewish History Museum to Continue Operating as New Plan Approved

Daniel Gill
Daniel Gill

The bankrupt National Museum of American Jewish History will continue to operate after a company owned by a former trustee agreed to buy the museum’s building and lease it back for a nominal rent of $1,000 per month.

The Philadelphia museum’s Chapter 11 plan, approved Wednesday, also features an agreement with secured bondholders to accept less than what they’re owed, the museum’s lawyer, Lawrence McMichael of Dilworth Paxson LLP, said at a virtual hearing.

The property purchase, combined with the bondholder deal, allowed the museum to reach the consensual plan, McMichael said.

“The debtor will be able to fulfill ...