NASHVILLE, Tenn. - The Nashville Symphony has struck a deal with lenders to avoid the imminent auction of its concert hall.
A statement from lead creditor Bank of America on Monday confirmed the deal and stated the bank was pleased that the orchestra "can continue to play its vital and unique role in this community for generations to come."
The $123.5 million Schermerhorn Symphony Center was at risk because the symphony owed millions for the construction of the hall. An auction had been scheduled for Friday.
The Tennessean reported that the agreement calls for the symphony to make a lump sum payment to the lenders. Bank of America filed paperwork to release the Nashville Symphony Association from its previous mortgage of more than $80 million. A new mortgage was issued for $20 million.