by Steven Hale
Bank of America has served the Nashville Symphony with a notice of foreclosure on the Schermerhorn Symphony Center.
From The City Paper:
The Nashville Symphony owes more than $80 million in debt related to the construction of the nonprofit’s downtown home. If they are unable to repay or renegotiate the debt, their only option to avoid losing the building would be bankruptcy. To that end, the symphony retained noted Nashville bankruptcy attorney Robert Mendes of Frost Brown Todd this spring.
“The bank group has been in discussions for some time with the orchestra to help it resolve its debt on an acceptable basis and operate at a sustainable level,” a Bank of America spokeswoman told The City Paper. “However, [Nashville Symphony] is in default and has been unwilling or unable to repay the debt. Left with no other alternative the bank group has been forced to file for foreclosure, always a last resort. At the same time, we also continue to be in discussions with the Symphony.”
As it stands, Bank of America plans to auction off the Schermerhorn on June 28.