In their letter to symphony patrons, NSO board chair Ed Goodrich and NSO President Alan Valentine said the ongoing “negotiations have been the subject of considerable attention and speculation in the media, including inaccurate reports suggesting that the Symphony has been given notice of foreclosure. This is simply not true, and we continue to engage in discussions with the bank group.”
The NSO has been negotiating with its banks since last month, when the executive committee of its board of directors opted not to renew a letter of credit on about $100 million in outstanding debt obligations. The symphony incurred the debt to build the Schermerhorn Symphony Center.
You can read the symphony’s statement here.