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Pasadena Playhouse emerges from bankruptcy

July 9, 2010 12:00:00 AM PDT
The Pasadena Playhouse has emerged from bankruptcy and plans to mount a fall production.The playhouse's reorganization plan was approved Wednesday by the United States Bankruptcy Court in Los Angeles, two months after it filed for bankruptcy protection.

The stage and school, where actors such as Dustin Hoffman and Gene Hackman got their start, opened in 1925 and had been California's official theater for 65 years.

The playhouse closed in February and laid off its entire staff of 37. It filed for Chapter 11 bankruptcy in May, with $23 million in debt.

Executive director Stephen Eich said a $1 million pledge from a group of donors allowed the playhouse to come up with a plan.