Deal Struck To Save Schermerhorn

The Nashville Symphony has reached a deal with creditors to avoid bankruptcy and prevent the sale of its Schermerhorn Symphony Center.

On Monday, Nashville Symphony Association board treasurer Kevin Crumbo said the organization reached a settlement to eliminate commercial bank debt of more than $80 million for a lump-sum payment of an undisclosed amount. He said the symphony’s only long-term debt will be a $20 million note payable to a local philanthropist.

A spokesman for Martha R. Ingram identified her as the philanthropist but did not know the details of the financial arrangements.

The bank debt was related to a $102 million bond issued in 2004 to finance the organization’s symphony hall.

Bank of America had begun foreclosure proceedings on the symphony center and scheduled an auction for Friday.