Nashville Symphony facing foreclosure

Nashville Symphony facing foreclosure

NASHVILLE (AP) - Foreclosure proceedings have been initiated against the Nashville Symphony and an auction of the center where it performs is scheduled for June 28.

The Tennessean reports the notice of the foreclosure was issued by Bank of America, the main lender on the more than $80 million still owed on the Schermerhorn Symphony Center that opened in 2006.

The Symphony could forestall a sale by filing for bankruptcy protection. Symphony officials would not comment on the foreclosure notice.

According to recent tax filings, the Nashville Symphony Orchestra suffered an $11.7 million loss in the fiscal year ending July 31, 2012.

Contributions dropped from $14.7 million to just under $10.6 million. Investment income dropped from $6.4 million to $2.2 million

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