Deal saves Symphony Center from auction - KAIT-Jonesboro, AR-News, weather, sports

Deal saves Symphony Center from auction

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.
  • Fire burns vacant home in SW Jonesboro

    Fire burns vacant home in SW Jonesboro

    Friday, April 18 2014 12:34 PM EDT2014-04-18 16:34:25 GMT
    JONESBORO, AR (KAIT) – A portion of Southwest Drive is closed this morning as crews are work on a house fire. According to Jonesboro dispatch the home is vacant. Southwest Drive has been closed from
    Southwest Drive was closed during the morning rush Friday after crews battled a house fire.
NASHVILLE, TN (WSMV) -

Just when it seemed the Nashville Symphony might play its last note, the organization reached a deal that relieves much of the orchestra's debt and saves its beautiful building from the auction block.

The Nashville Symphony has gone from having more than $100 million in debt to only $20 million of debt. It couldn't have happened without high-profile help.

After much negotiating, the Symphony struck a deal to avoid foreclosure, and it got a big boost from Nashville philanthropist Martha Ingram, who provided the equity to close the transaction.

Now everyone is ready to move forward.

"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 in a news release.

"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," he said. "We deeply appreciate the professional and constructive approach of our bank lenders in the complex negotiations, and we are grateful to our generous patrons, the city of Nashville and the Mayor's office. All of these interested parties have contributed significantly to the resolution of this matter, and without their support, this settlement would not have been possible."

Ingram released a statement through her spokesman.

"The important thing is a solution was reached, foreclosure has been stopped, and Nashville will not lose its symphony and symphony center downtown," she said. "The settlement is a great encouragement to all of us who have worked so hard over the years to build the orchestra and its spectacular new home downtown. It is clear now that the symphony organization has work to do to improve its operating results and develop increased annual support from its donors. I wish them the best with all of this."

The symphony owed Bank of America more than $82 million in bonds. Before the deal was reached, a public auction for the Schermerhorn Symphony Center had been scheduled for Friday.

"This resolution will allow the Nashville Symphony to remain a vital part of our city's entertainment and cultural scene that the world has come to identify with our name as Music City," said Nashville Mayor Karl Dean. "I commend and appreciate all the parties involved for the way they have worked to bring about this very positive result. I'm looking forward to another great year of music from the Symphony and the great educational programming they offer to families and children in our community. I also want to say a special word of thanks to the heads of the local banks that were involved for their leadership in this effort."

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

  • Deal saves Symphony Center from auctionMore>>

  • Schermerhorn Symphony Center faces financial pinch

    Schermerhorn Symphony Center faces financial pinch

    Thursday, June 6 2013 2:56 PM EDT2013-06-06 18:56:30 GMT
    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.
    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.
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.