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Orchestra in tune, Schermerhorn Symphony Hall, not so much

Orchestra in tune, Schermerhorn Symphony Hall, not so much
Thursday, June 06, 2013

Schermerhorn Symphony Center set for foreclosure auction according to Nashville Business Journal


Story from  Managing Editor-Nashville Business Journal

Bank of America has initiated foreclosure proceedings against the Nashville Symphony.

Citing a legal notice from the bank, The Tennessean reports that the Schermerhorn Symphony Center is slated for a public auction June 28 at 11 a.m.

The symphony has been negotiating with a bank group, led by Bank of America, concerning $102 million in debt tied to construction of the Schermerhorn.

The symphony's board voted in April to not renew a letter of credit with Bank of America. The symphony still owes $82.3 million on the downtown concert hall.

The bank's move doesn't come as a surprise, coming a few days after Bank of America appointed a successor trustee for the symphony's loan, typically a first step toward foreclosure.

The Nashville Symphony can file for bankruptcy protection at any point between now and the scheduled auction to halt the foreclosure sale.

Officials with the symphony were not immediately available for comment.

Symphony officials addressed the group's recent financial problems in a letter on its website dated June 5, before Bank of America formally began foreclosure proceedings.

Symphony management's recent communication is found through the link above.