The Nashville City Paper is reporting that financial institutions negotiating with the Nashville Symphony have given the group a deadline of this week for payment of outstanding debts or foreclosure proceedings could begin.
Symphony spokeswoman Laurie Davis said Monday afternoon that the NSO is still negotiating with the banks, adding that she is “not aware of any deadline” on payments. The groups are in a holding pattern, she says, and nothing has changed.
Last month, the Symphony failed to renew a letter of credit on roughly $100 million of debt used to build the Schermerhorn Symphony Center. If the banks did decide to foreclose, the NSO could declare bankruptcy to avoid losing the Schermerhorn.
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