Schermerhorn Symphony Center Set For Foreclosure
The Nashville Symphony faces foreclosure, while the Schermerhorn Symphony Center is set for auction later this month, according to The Tennessean.
The symphony owes more than $82 million in bonds that have been called in. Earlier this year, lenders declined to see renewal of their letter of credit, which backs the bonds. A public auction for the building is set for 11 a.m. on June 28. The symphony could possibly delay the sale by filing for bankruptcy protection.
The Nashville Symphony Orchestra suffered an $11.7 million loss in the fiscal year ending July 31, 2012. According to the return, contributions declined from $14.7 million to below $10.6 million. Investment income fell from $6.4 million to $2.2 million.
Jessica Nicholson serves as the Managing Editor for MusicRow magazine. Her previous music journalism experience includes work with Country Weekly magazine and Contemporary Christian Music (CCM) magazine. She holds a BBA degree in Music Business and Marketing from Belmont University. She welcomes your feedback at jnicholson@musicrow.com.
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