by Jim Ridley
The terms of the Nashville Symphony deal are just coming to light. From Steve Cavendish in the CP:
The Nashville Symphony and its creditors announced a deal on Monday to restructure its debt and avoid foreclosure on the Schermerhorn Symphony Center.
“After months of discussion with our lenders, we are pleased to have reached a comprehensive resolution that represents the best path forward for all parties involved,” said Ed Goodrich, chairman of the Nashville Symphony Association. “With a healthier balance sheet, the Symphony will be in a better position to pursue its cultural mission of engaging the community, enriching audiences and shaping cultural life through musical excellence and educational vision.”
Terms of the settlement were not released, but a new $20 million mortgage was filed with the Davidson County Register of Deeds just before noon on Monday.
Multiple sources told The City Paper that Bank of America will write off between $30 million and $40 million of the more than $80 million in debt related to the construction of the Schermerhorn. It was not announced where the gap between the new mortgage and the old loan will be made up, but the Nashville Business Journal reported on Saturday that longtime patron Martha Ingram was involved in the final settlement.