Schermerhorn Symphony Center Facing Foreclosure - NewsChannel5.com | Nashville News, Weather & Sports

Schermerhorn Symphony Center Facing Foreclosure

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by Emily Luxen

NASHVILLE, Tenn. - The Schermerhorn Symphony Center, one of Nashville's landmarks is facing foreclosure and could be going up on the auction block.

Bank of America issued the formal notice of foreclosure Thursday.  The notice said the concert hall will be sold to the highest bidder for cash at 11 a.m. on June 28.

Bank of America Spokesperson Shirley Norton said, "The bank group has been in discussions for some time with the orchestra to help it resolve its debt on an acceptable basis and operate at a sustainable level. However, NSA is in default and has been unwilling or unable to repay the debt. Left with no other alternative the bank group has been forced to file for foreclosure, always a last resort. At the same time, we also continue to be in discussions with the Symphony."

Nashville Symphony's spokesperson acknowledged financial problems, and said negotiations with the bank group are continuing, and the Symphony and its Financial Advisory Committee remain squarely focused on achieving a resolution that positions the Symphony for long-term stability. Currently, the Symphony owes $82.3 million on the concert hall.

"This is a highly sensitive and fluid situation and we cannot speculate on the outcome," the Symphony said in a statement. "Our preferred course of action remains to reach an agreement out of court. That said, the Symphony Board understands and accepts its responsibility to act as necessary to protect the assets of the Symphony. We are preparing appropriate measures to help ensure that the Symphony continues to operate normally and pursue its important cultural and educational mission."

The Symphony could forestall a sale by filing for bankruptcy protection, but has not commented on plans.

Bank of America officials said the foreclosure notice will be published Friday.

The symphony has canceled its community concert at Bicentennial mall Friday night, but other outdoor Summer concerts will go on as scheduled.

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