U.S. Bankruptcy Court Judge Eric Frank says he hopes the plan approved Thursday allows the orchestra to "continue to perform for audiences for many years to come."
Under the plan the 111-year-old symphony will shrink from 105 musicians to 95 and cut their pay by about 15 percent. The orchestra will also get a break on its rent from the Kimmel Center.
In April 2011 the symphony became the first U.S. orchestra to seek Chapter 11 bankruptcy protection.
Orchestra chairman Richard Worley tells The Philadelphia Inquirer there's still work to do, most notably reviving stagnant ticket sales and boosting the confidence of donors.