Instead, the company will focus on the terms of a new long-term contract, to go into effect when the current contract expires on June 30.
PBT is facing a reported $1 million deficit.
The company had asked the musicians to take a 50 percent pay cut last year. The resulting pay, $70 per performance, put the musicians well below the $120 minimum pay for the Benedum Center, where PBT performs. The company's last offer was a pay cut of 20 percent, which the musicians rejected.
The musicians were willing to play for the minimum pay, according to Cynthia Anderson, chair of the musicians' committee.
Robert Petrilli, PBT's new interim managing director, met on February 4 with representatives from Local 60-471 of the American Federation of Musicians, which represents PBT's musicians.