The National Museum of American Jewish History announced that it will emerge from its Chapter 11 reorganization on or around Sept. 15, citing a $10 million commitment by former trustee Mitchell Morgan and his family.
NMAJH said the commitment allows it to eliminate its debt and provides a pathway to stability.
NMAJH initially filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code on March 1, 2020; the reorganization plan was confirmed on Sept. 1 by Chief Judge Magdeline D. Coleman of the United States Bankruptcy Court for the Eastern District of Pennsylvania.
“We’re living in a time that requires us to reflect on our values, and a time when our country needs institutions like the National Museum of American Jewish History that represent freedom and inclusivity,” Morgan said. “We wish this to be a contribution that will encourage more people to play a role in the museum’s future by providing different perspectives on how immigrants and religious minorities have positively impacted our great nation for centuries.”
“Mitch is a mensch and a hero in the Jewish community,” NMAJH CEO Misha Galperin said. “We are champing at the bit to carry the NMAJH story into its next decade. We stand today energized for our bright future.”
Under the terms of the commitment, the Morgan family will buy the museum building on favorable terms to the museum, providing the money needed for NMAJH to eliminate its debt. The facilities will be leased back at a nominal rate. The museum will have the option to buy back the facilities in full at a later time.
NMAJH will continue operating virtually while strategizing for reopening.
Since its galleries closed to the public, NMAJH said it has focused on strategic planning, including being promoted for inclusion into the Smithsonian Institution. NMAJH said in its release that 37 members of the U.S. House of Representatives and 23 senators have championed legislation encouraging the Smithsonian to explore a plan for acquiring NMAJH.