Orchestra Strikes Deal to Save Concert Hall

By: Associated Press
By: Associated Press

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.


WBKO.com is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, no links, share your knowledge, and please suggest removal of comments that violate these standards.

powered by Disqus
WBKO 2727 Russellville Road Bowling Green, KY 42101-3976 Phone: 270-781-1313 After Hours Hotline: 270-781-6397 Fax: 270-781-1814
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 212804601 - wbko.com/a?a=212804601
Gray Television, Inc.