NASHVILLE, Tenn. (AP) – The Nashville Symphony Association recently announced it would not renew a letter of credit with its bank lenders that secured the bonds used to build its acclaimed Schermerhorn Symphony Center.
Symphonies around the country have had financial troubles recently, but Nashville's case is a bit different.
For one thing, the Nashville Symphony is not broke.
President and CEO Alan Valentine says it has enough money for its day-to-day operations for the foreseeable future.
The reason the symphony's board seems to be acting now is because the letter of credit is expiring and had to be renewed.
Valentine said in a letter to patrons that the board hopes declining to renew the letter “will create a sense of urgency and focus in the discussions with our lenders.”
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- March 16, 2013: Nashville Symphony mired in debt