Photo courtesy of The TennesseanNASHVILLE, Tenn. (AP) - The Nashville Symphony is in danger of defaulting on $102 million in bonds that were used to build the Schermerhorn Symphony Center.
Symphony CEO and President Alan Valentine told The Tennessean on Friday that the organization needs a "comprehensive financial restructuring."
The symphony's board of directors sent a letter to patrons Wednesday saying have decided to take action that will lead to a technical default on the bonds for the center that opened in 2006. The decision led to a notice that $88.3 million in outstanding bonds are subject to a mandatory repurchase next month. The symphony and the banks could agree before then on more favorable terms.
Kevin Crumbo, a board member and treasurer for the orchestra, says bondholders will be paid.
Valentine says the long-term future of the symphony is uncertain.
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