Nashville Symphony discloses details of recent rescue deal

Posted on: July 31, 2013

“The Nashville Symphony put up a total of $35 million in liquid assets and accelerated capital contributions as part of the deal to rescue the Schermerhorn Symphony Center from foreclosure last month,” writes Walter Roche in Friday’s (7/26) Tennessean (Nashville). “The new details of the last-minute rescue were disclosed Friday in an interview with the symphony’s board chairman, Ed Goodrich and Myles MacDonald, the Symphony’s chief operating officer. At the time of the near-foreclosure, the orchestra owed a remaining $83.5 million from the original 2004 bond issue of $102 million. Now, it owes just $20 million to a company formed by the symphony’s largest backer and former board chair, Martha Ingram…. MacDonald said contract talks with the musicians union were progressing with weekly negotiations. The existing contract expires next week…. As revealed in a recent presentation to the Nashville Kiwanis, [Music Director Giancarlo] Guerrero and Alan Valentine, president and CEO, recently took a voluntary 15 percent cut in pay, along with a six percent cut in retirement contributions. Senior and middle management staff got their pay reduced by 15 percent as well. Goodrich said Friday that all staff took a 6 percent retirement benefit cut. Other steps taken to reduce costs include the layoff of four additional staff members, in addition to food service workers who were let go in the midst of the loan negotiations.”

Posted July 31, 2013