Schermerhorn Symphony Center faces financial pinch - KAIT-Jonesboro, AR-News, weather, sports

Schermerhorn Symphony Center faces financial pinch

Posted: Updated:
  • Most Popular StoriesMost Popular StoriesMore>>

  • Boonville man lets buyer keep his stolen car

    Boonville man lets buyer keep his stolen car

    Wednesday, April 16 2014 6:58 PM EDT2014-04-16 22:58:17 GMT
    A Boonville resident had his car stolen recently and when he learned where the vehicle ended up, he didn't want it back.
    A Boonville resident had his car stolen recently and when he learned where the vehicle ended up, he didn't want it back.
  • Original victim files suit against OBGYN

    Original victim files suit against OBGYN

    Friday, April 18 2014 12:00 AM EDT2014-04-18 04:00:19 GMT
    PARAGOULD, AR (KAIT) - The Paragould OB/GYN accused of taking nude photos of some of his patients had his first court appearance Thursday. He was arrested Wednesday night at a Newport hotel. Dr. Paul
    The patient that brought all of this to the forefront has now filed civil suit against the doctor and explained in detail what Becton allegedly did to her during that exam that she said led up to him taking nude photos of her.
  • Girl trapped underwater 20 minutes in critical condition

    Girl trapped underwater 20 minutes in critical condition

    Thursday, April 17 2014 12:41 PM EDT2014-04-17 16:41:20 GMT
    JONESBORO, AR (KAIT) – A 10-year-old girl is in critical condition at a Memphis hospital after becoming trapped beneath a pipe in a water-filled ditch for 20 minutes. At 5:40 p.m. Wednesday, Jonesboro
    A 10-year-old girl is in critical condition at a Memphis hospital after becoming trapped beneath a pipe in a water-filled ditch for 20 minutes.
NASHVILLE, TN (WSMV) -

A financial crisis could close the doors of the beloved Schermerhorn Symphony Center. The downtown home of the Grammy Award-winning Nashville Symphony is in debt, and the bank that loaned the money is now asking for payback.

Despite the ongoing negotiations, the symphony is letting fans know it's not in trouble just yet.

Symphony officials hosted donors Tuesday evening to raise funds for their general operations costs.

The symphony owes more than $82 million in bonds that have already been called in. The symphony and its lenders decided not to seek a renewal of their letter of credit backing those bonds.

Members of the symphony's financial advisory committee say they're working quickly and are now working on negotiations with the lenders with the goal of achieving long-term financial stability.

Recently, rumors surfaced that the symphony had been given a deadline of this week to either pay up or face foreclosure.

In a letter to members posted Tuesday, Schermerhorn President and Chief Executive Officer Alan Valentine said of the rumors, "This is simply not true, and we continue to engage in discussions with the bank group."

Mayor Karl Dean said the prospect of possibly losing the popular downtown landmark is currently out of the city's hands.

"What's going on at the symphony right now, in terms of their financing and those issues, is really an issue between private parties, and the city isn't part of that. Obviously, we support the symphony, and we think it is a wonderful part of our city," Dean said.

When asked if the city would help bail the symphony out, the mayor said for now nobody has asked the city to intervene.

"At this point we're observing, and we're watching closely," Dean said. "It is an amazing part of the cultural options that are offered here in Nashville, and we want to see that continue. So, we'll just continue to monitor the situation."

Copyright 2013 WSMV (Meredith Corporation). All rights reserved.

  • Schermerhorn Symphony Center faces financial pinchMore>>

Powered by WorldNow

472 Craighead Co. 766
Jonesboro, AR 72401
(870) 931-8888

FCC Public File
publicfile@kait8.com
(870) 336-1816
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and KAIT. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.