The $82.3 million in bonds owed by the symphony have already been called in, but The City Paper has learned that the financial institutions involved have given the symphony a deadline of this week for payment on outstanding debts or foreclosure proceedings could begin. The foreclosure process would take about three weeks.
What would be expected to occur in short order is that the Nashville Symphony could declare bankruptcy in an attempt to avoid losing the Schermerhorn Symphony Center. In a letter to patrons last month, Ed Goodrich, chairman of the symphony board, and Alan Valentine, president and CEO, said the board’s goal was to “achieve a comprehensive financial restructuring that significantly reduces or even eliminates the Symphony’s long-term debt.” The letter went on to say that the board would “consider all available alternatives.”
Read the full story here. Developing.