Schermerhorn Debt Discourse

The Schermerhorn Symphony Center in Nashville is scheduled to go on the auction block June 28 as part of foreclosure proceedings launched by lead lender Bank of America against the Nashville Symphony Orchestra for $82.3 million still owed for the venue’s construction. 

The foreclosure notice was issued about the same time auditors for the Nashville Symphony Association questioned whether the organization could continue to function. The orchestra is said to be behind on payments for its $102 million bond issue, according to the Tennessean.

The symphony reportedly could stall the sale by filing for bankruptcy protection between now and the auction date, but symphony reps continue to work toward a solution, according to the venue’s website June 6.

“Negotiations with the bank group are continuing, and the Symphony and its Financial Advisory Committee remain squarely focused on achieving a resolution that positions the Symphony for long-term stability, the statement said.

“This is a highly sensitive and fluid situation and we cannot speculate on the outcome. Our preferred course of action remains to reach an agreement out of court. That said, the Symphony Board understands and accepts its responsibility to act as necessary to protect the assets of the Symphony. We are preparing appropriate measures to help ensure that the Symphony continues to operate normally and pursue its important cultural and educational mission.”

Concerts by Gordon Lightfoot, David Sanborn, Chaka Khan, Bill Cosby, Kathy Griffin, Huey Lewis and The News, Chicago, Foreigner, Don Williams, Chris Botti, and Michael McDonald are scheduled through early November.