National Museum of American Jewish History Files for Bankruptcy

The museum, located in Philadelphia, files for Chapter 11 protection from creditors to restructure some $30 million of bonds, per court papers.

• The non-profit lists assets and liabilities of as much as $50 million each in its bankruptcy petition
• Bonds issued in 2015 to refinance a loan that paid for the construction of current museum building, Chief Financial Officer Paul Waimberg says in court declaration
  • Bonds held by BNB Bank and about 12 individuals and/or trusts or foundations, many of whom are insiders of the museum, per declaration
• The case is Museum of American Jewish History, d/b/a National ...