The Nashville Symphony announced on Monday they have successfully resolved all outstanding issues with its bank lenders.
Under the new terms, the banks' recent foreclosure notice has been withdrawn.
“After months of discussion with our lenders, we are pleased to have reached a comprehensive resolution that represents the best path forward for all parties involved,” said Ed Goodrich, Chairman of the Nashville Symphony Association.
Mayor Karl Dean added, “This resolution will allow the Nashville Symphony to remain a vital part of our city's entertainment and cultural scene that the world has come to identify with our name as Music City. I commend and appreciate all the parties involved for the way they have worked to bring about this very positive result.”
He continued, “I'm looking forward to another great year of music from the Symphony and the great educational programming they offer to families and children in our community. I also want to say a special word of thanks to the heads of the local banks that were involved for their leadership in this effort.”
Last week, the symphony announced plans to lay off more than 30 part time and full time employees.
- June 21, 2013: Schermerhorn, creditors reach deal to save symphony
- June 18, 2013: Symphony layoffs affect 38 including part-timers
- June 7, 2013: Mayor, symphony musicians sound off on financial trouble at Schermerhorn
- June 6, 2013: Schermerhorn Symphony Center faces foreclosure
- March 16, 2013: Nashville Symphony mired in debt
- March 13, 2013: Nashville Symphony facing financial hurdle