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The Ledger - EST. 1978 - Nashville Edition

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VOL. 37 | NO. 23 | Friday, June 07, 2013

Nashville Symphony facing foreclosure

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NASHVILLE (AP) - Foreclosure proceedings have been initiated against the Nashville Symphony and an auction of the center where it performs is scheduled for June 28.

The Tennessean (http://tnne.ws/16NyTOU) reports the notice of the foreclosure was issued by Bank of America, the main lender on the more than $80 million still owed on the Schermerhorn Symphony Center that opened in 2006.

The Symphony could forestall a sale by filing for bankruptcy protection. Symphony officials would not comment on the foreclosure notice.

According to recent tax filings, the Nashville Symphony Orchestra suffered an $11.7 million loss in the fiscal year ending July 31, 2012.

Contributions dropped from $14.7 million to just under $10.6 million. Investment income dropped from $6.4 million to $2.2 million