Nashville Symphony Avoids Bankruptcy
Tue June 25, 2013
Nashville Symphony Strikes Deal With Creditors
The Nashville Symphony has made a deal with creditors. The move will avoid the organization’s bankruptcy and prevent the sale of the Schermerhorn Symphony Center. The settlement eliminates a debt of more than $80 million in exchange for a lump-sum payment. The amount of that payment isn’t known, but it's given by longtime symphony donor Martha R. Ingram. The symphony will continue financial restructuring to become more stable and is in negotiations with the musicians’ union over a new contract; the current six-year contract expires July 31st.