The Nashville Symphony Association and Bank of America on Monday announced they have finalized a loan reduction agreement that the Symhony's board chairman says is "a comprehensive resolution that represents the best path forward for all parties involved." The parties did not release details about their deal, but sources say BofA's writedown is between $30 million and $40 million. In addition, the Symphony on Monday filed papers for a new $20 million mortgage.
“With a healthier balance sheet, the Symphony will be in a better position to pursue its cultural mission of engaging the community, enriching audiences and shaping cultural life through musical excellence and educational vision," said Symphony Association Chairman Ed Goodrich.
That said, Goodrich added that the Symphony will be making more cuts in the near future to get its costs more in line with revenues. For more details, check out The City Paper's story.
SEE ALSO: Friday's first report of a deal