“Foreclosure proceedings have been initiated against the Nashville Symphony Orchestra, and an auction of its landmark Schermerhorn Symphony Center has been scheduled for June 28,” writes Walter F. Roche Jr. in Thursday’s (6/6) Tennessean. “Formal notice of the foreclosure was issued by Bank of America, the lead lender on the $82.3 million still owed on the concert hall…. The notice states that the concert hall will be sold ‘to the highest bidder for cash, at public outcry.’ The Symphony could forestall a sale by filing for bankruptcy protection. ‘Negotiations with the bank group are continuing, and the Symphony and its Financial Advisory Committee remain squarely focused on achieving a resolution that positions the Symphony for long-term stability,’ the Symphony said in a statement Thursday afternoon. ‘Our preferred course of action remains to reach an agreement out of court. That said, the Symphony Board understands and accepts its responsibility to act as necessary to protect the assets of the Symphony. We are preparing appropriate measures to help ensure that the Symphony continues to operate normally and pursue its important cultural and educational mission.’ … According to the organization’s Form 990 tax filings, expenses have exceeded revenue by $39 million between the fiscal years of 2009 and 2012.”
Posted June 7, 2013
