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WZTV FOX 17 - Top Stories
NASHVILLE, Tenn. (AP) -- The Nashville Symphony is in danger of defaulting on $102 million in bonds that were used to build the Schermerhorn Symphony Center.
Symphony CEO and President Alan Valentine told The Tennessean on Friday that the organization needs a "comprehensive financial restructuring."
The symphony's board of directors sent a letter to patrons Wednesday saying have decided to take action that will lead to a technical default on the bonds for the center that opened in 2006. The decision led to a notice that $88.3 million in outstanding bonds are subject to a mandatory repurchase next month. The symphony and the banks could agree before then on more favorable terms.
Kevin Crumbo, a board member and treasurer for the orchestra, says bondholders will be paid.
Valentine says the long-term future of the symphony is uncertain.
"Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed."
Symphony CEO and President Alan Valentine told The Tennessean on Friday that the organization needs a "comprehensive financial restructuring."
The symphony's board of directors sent a letter to patrons Wednesday saying have decided to take action that will lead to a technical default on the bonds for the center that opened in 2006. The decision led to a notice that $88.3 million in outstanding bonds are subject to a mandatory repurchase next month. The symphony and the banks could agree before then on more favorable terms.
Kevin Crumbo, a board member and treasurer for the orchestra, says bondholders will be paid.
Valentine says the long-term future of the symphony is uncertain.
"Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed."
Saturday, March 16 2013, 04:03 PM CDT
Tennessee News
Pipeline work can continue at state natural area
May 24, 2013 11:16 GMT
NASHVILLE, Tenn. (AP) -- Tennessee environmental officials have given Piedmont Natural Gas permission to resume drilling on a Nashville pipeline project.
Work was halted on May 11 when a mixture of bentonite clay and water spilled from a drill into Otter Creek at the Radnor Lake State Natural Area.
The mud was later scraped out of the creek using buckets and hand tools.
Meredith Benton, a spokeswoman for the Tennessee Department of Environment and Conservation, told The Tennessean (http://tnne.ws/199LA54 ) that Piedmont agreed to 11 new terms and conditions to prevent a recurrence of the spill.
Those include creating a pit to capture any spilled slurry and daily water quality monitoring.
Benton said the department has not decided whether to issue fines or citations.
Information from: The Tennessean, http://www.tennessean.com
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