Schermerhorn Symphony Center faces financial pinch - WMC Action News 5 - Memphis, Tennessee

Schermerhorn Symphony Center faces financial pinch

NASHVILLE, TN (WSMV) -

A financial crisis could close the doors of the beloved Schermerhorn Symphony Center. The downtown home of the Grammy Award-winning Nashville Symphony is in debt, and the bank that loaned the money is now asking for payback.

Despite the ongoing negotiations, the symphony is letting fans know it's not in trouble just yet.

Symphony officials hosted donors Tuesday evening to raise funds for their general operations costs.

The symphony owes more than $82 million in bonds that have already been called in. The symphony and its lenders decided not to seek a renewal of their letter of credit backing those bonds.

Members of the symphony's financial advisory committee say they're working quickly and are now working on negotiations with the lenders with the goal of achieving long-term financial stability.

Recently, rumors surfaced that the symphony had been given a deadline of this week to either pay up or face foreclosure.

In a letter to members posted Tuesday, Schermerhorn President and Chief Executive Officer Alan Valentine said of the rumors, "This is simply not true, and we continue to engage in discussions with the bank group."

Mayor Karl Dean said the prospect of possibly losing the popular downtown landmark is currently out of the city's hands.

"What's going on at the symphony right now, in terms of their financing and those issues, is really an issue between private parties, and the city isn't part of that. Obviously, we support the symphony, and we think it is a wonderful part of our city," Dean said.

When asked if the city would help bail the symphony out, the mayor said for now nobody has asked the city to intervene.

"At this point we're observing, and we're watching closely," Dean said. "It is an amazing part of the cultural options that are offered here in Nashville, and we want to see that continue. So, we'll just continue to monitor the situation."

Copyright 2013 WSMV (Meredith Corporation). All rights reserved.

  • Trending StoriesTrending StoriesMore>>

  • Sheriff: School officer never went inside to confront gunman

    Sheriff: School officer never went inside to confront gunman

    Thursday, February 22 2018 1:14 AM EST2018-02-22 06:14:16 GMT
    Thursday, February 22 2018 11:28 PM EST2018-02-23 04:28:03 GMT
    (AP Photo/Gerald Herbert). Mourners hug as they leave the funeral of Alaina Petty, in Coral Springs, Fla., Monday, Feb. 19, 2018.  Petty was a victim of Wednesday's mass shooting at Marjory Stoneman Douglas High School. Nikolas Cruz, a former student, ...(AP Photo/Gerald Herbert). Mourners hug as they leave the funeral of Alaina Petty, in Coral Springs, Fla., Monday, Feb. 19, 2018. Petty was a victim of Wednesday's mass shooting at Marjory Stoneman Douglas High School. Nikolas Cruz, a former student, ...

    The students who swarmed Florida's state capitol in the wake of Marjory Stoneman Douglas High massacre face pushback in Legislature.

    More >>

    The students who swarmed Florida's state capitol in the wake of Marjory Stoneman Douglas High massacre face pushback in Legislature.

    More >>
  • Billy Graham's casket was hand built by inmates at Angola

    Billy Graham's casket was hand built by inmates at Angola

    Casket built for Billy Graham by Angola inmates (Source: WAFB)Casket built for Billy Graham by Angola inmates (Source: WAFB)

    Inmates at one of the country's most well-known prisons will have a hand in laying Reverend Billy Graham to rest. At his request, Angola inmates built his casket back in 2006.

    More >>

    Inmates at one of the country's most well-known prisons will have a hand in laying Reverend Billy Graham to rest. At his request, Angola inmates built his casket back in 2006.

    More >>
  • Florida man yells 'murderers!' as he's executed for slaying

    Florida man yells 'murderers!' as he's executed for slaying

    Thursday, February 22 2018 8:24 PM EST2018-02-23 01:24:33 GMT
    Thursday, February 22 2018 11:47 PM EST2018-02-23 04:47:48 GMT
    (Florida Department of Law Enforcement via AP). This undated photo made available by the Florida Department of Law Enforcement shows Eric Scott Branch in custody. Florida is scheduled to execute Branch Thursday, Feb. 22, 2018, for raping and killing a ...(Florida Department of Law Enforcement via AP). This undated photo made available by the Florida Department of Law Enforcement shows Eric Scott Branch in custody. Florida is scheduled to execute Branch Thursday, Feb. 22, 2018, for raping and killing a ...

    Florida inmate yells 'murderers!' repeatedly as he's executed for his convictioin in 1993 rape and killing of a college student.

    More >>

    Florida inmate yells 'murderers!' repeatedly as he's executed for his convictioin in 1993 rape and killing of a college student.

    More >>
Powered by Frankly