The Nashville Symphony has reportedly reached a deal with its bank to avoid foreclosure.
According to The City Paper, Bank of America has agreed to write off a portion of the $82.3 million owed on the Schermerhorn Symphony Center. What’s left will be paid off according to new terms, and the orchestra will restructure its operations.
A foreclosure auction had been scheduled for Friday, June 28. Aside from a compromise with the bank, the only other option for avoiding foreclosure would have been a declaration of bankruptcy.
An agreement with the bank does not mean the symphony is completely out of the woods. Beyond the issue of making payments on the debt, the orchestra has struggled in recent years to pay basic costs of operating both a music ensemble and the building, and its endowment has dwindled to a fraction of its pre-recession size.
Earlier this week, the Schermerhorn’s catering staff were given notice that their jobs will end in August.
The musician’s union is currently renegotiating its contract with the symphony.