The Honolulu Symphony, struggling with a $1-million US debt, says it will file for bankruptcy and cancel its concerts for the rest of the year.

"We cannot spend money we don't have. We cannot continue with business as usual," executive director Majken Mechlin said at a news conference Friday.

'When we reached toward the end of October, cash ran out and dried up'—Peter Schaindlin, symphony board chair

Ticket sales were all right, according to the symphony's officials, but revenue from those sales only covers 30 per cent of costs.

Donations, which make up the rest, have slid sharply due to the recession in the U.S.

"We made payroll, even in this economy, through October. But when we reached toward the end of October, cash ran out and dried up," Peter Schaindlin, chair of the symphony's board, said late Friday.

Despite the bad news, Schaindlin expressed hope for a last-minute reprieve from Hawaii's wealthier residents for the 109-year-old orchestra, said to be the oldest one west of the Rocky Mountains.

"Political leaders, citizens, corporations and foundations in this state have an opportunity to step in," he said in a statement.

The organization said it hopes to emerge from bankruptcy proceedings with a smaller orchestra.

Steve Dinion of the Musicians Association of Hawaii told the Honolulu Star-Bulletin newspaper that musicians are devastated.

"We are shocked that they are going through with it, particularly since two months ago we gave them a half-million-dollar concession, which amounted to a 15 per cent pay cut."

Ballet Hawaii, which has worked with the symphony for 15 years, said its Nutcracker production will go ahead but will have a smaller configuration of musicians.

With files from The Associated Press