Nashville Symphony mired in debt

Nashville Symphony mired in debt

Posted:

NASHVILLE (AP) - The Nashville Symphony is in danger of defaulting on $102 million in bonds that were used to build the Schermerhorn Symphony Center.

Symphony CEO and President Alan Valentine told The Tennessean on Friday that the organization needs a "comprehensive financial restructuring."

The symphony's board of directors sent a letter to patrons Wednesday saying have decided to take action that will lead to a technical default on the bonds for the center that opened in 2006. The decision led to a notice that $88.3 million in outstanding bonds are subject to a mandatory repurchase next month. The symphony and the banks could agree before then on more favorable terms.

Kevin Crumbo, a board member and treasurer for the orchestra, says bondholders will be paid.

Valentine says the long-term future of the symphony is uncertain.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

1306 N. Broadway NE Knoxville,
Tennessee 37917

Telephone: 865.637.NEWS(6397)
Fax: 865.525.4091
Email: newsroom@wate.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Knoxville, Inc. A Media General Company.