10. June 2013 · Comments Off · Categories: Read Online, Symphony

Bank of America has initiated foreclosure proceedings against the Nashville Symphony.
According to a legal notice from the bank, the Schermerhorn Symphony Center is slated for a public auction June 28 at 11 a.m. on the steps of the Davidson County Courthouse.
The symphony has been negotiating with a bank group, led by Bank of America, concerning $102 million in debt tied to construction of the Schermerhorn.
The symphony’s board voted in April to not renew a letter of credit with Bank of America. The symphony still owes $82.3 million on the downtown concert hall.
The bank’s move doesn’t come as a surprise, coming a few days after Bank of America appointed a successor trustee for the symphony’s loan, typically a first step toward foreclosure.
The Nashville Symphony can file for bankruptcy protection at any point between now and the scheduled auction to halt the foreclosure sale.

RTWT

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