Detroit Orchestra Turning Corner

The Detroit Symphony Orchestra says it has resolved debts of $54 million.

The orchestra owed the money to five banks on a real estate deal for the Max M. Fisher Music Center. The settlement, announced May 30, has a “very tight confidentiality agreement,” according to Paul Hogle, orchestra executive VP.

“It’s not a restructuring. This is done and behind us,” he said. “I think it’s a credit to the five banks.”

Resolving the issue means the orchestra can move ahead with its strategic recovery plan. It follows several years of financial troubles, including a six-month strike by musicians.

However, the orchestra still faces a $3 million operating deficit and Hogle said they’re still in the red, but the orchestra is on track to raise the final $2 million of its $12 million annual fund campaign goal by Aug. 31.