Orchestra strikes deal to save concert hall

Orchestra strikes deal to save concert hall


Associated Press

NASHVILLE (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 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 will be a $20 million note payable to a local philanthropist.

A spokesman for Martha R. Ingram identified her as the philanthropist but did not know the details of the financial arrangements.

The bank debt was related to a $102 million bond issued in 2004 to finance the organization's symphony hall.

Bank of America had begun foreclosure proceedings on the symphony center and scheduled an auction for Friday.

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 This material may not be published, broadcast, rewritten or redistributed.

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