NASHVILLE, Tenn. (AP) -- The Nashville Symphony has reached a deal with creditors to avoid bankruptcy and prevent the sale of its Schermerhorn Symphony Center.
On Monday, Nashville Symphony Association board treasurer Kevin Crumbo said the organization has reached a settlement to eliminate commercial bank debt of more than $80 million for a lump sum payment of an undisclosed amount. He said the symphony's only long-term debt now will be a $20 million note payable to a local philanthropist.
Crumbo declined to name the philanthropist or the terms of the note.
The bank debt was related to a $102 million bond issued in 2004 to finance the organization's beautiful downtown symphony hall.
Bank of America had begun foreclosure proceedings on the symphony center and scheduled an auction for Friday.