The symphony has been saved!!! Just got this email: To Our Valued Patrons, As you know, over the past several months we have been in negotiations with our bank lenders in an effort to position the Symphony for long-term financial stability. We are pleased to report that this morning we successfully resolved all outstanding issues with this group. Under the terms of a definitive agreement that was executed today, all of the Symphony’s obligations to its commercial lenders have been eliminated, and the banks’ recent foreclosure notice has been withdrawn. We are confident that this comprehensive resolution represents the best path forward for all parties involved. With a healthier balance sheet, the Symphony will be in a better position to pursue its cultural mission of engaging the community, enriching audiences and shaping cultural life through musical excellence and educational vision. We deeply appreciate the professional and constructive approach of our bank lenders in the complex negotiations, and we are grateful to our generous patrons, the city of Nashville and the Mayor’s office. All of these interested parties have contributed significantly to the resolution of this matter, and without their support this settlement would not have been possible. We also want to thank all of you for your unwavering support throughout the negotiation process. In particular we’d like to call out the contributions of one of our longest and most faithful supporters, Mrs. Martha R. Ingram, who stepped forward to provide some of the liquidity needed to close this transaction. We are deeply grateful to Martha for her belief in the critical importance of the Symphony to the Middle Tennessee community, and we understand that her investment challenges us to attract other donors and improve our operating results so that the resolution we’ve announced today endures for years to come. The loyalty and generosity of our donors and subscribers have helped us to continue pursuing our artistic mission throughout this challenging period, and you will be more important than ever as the Symphony moves forward. While reaching this agreement with our lenders is a major milestone in our restructuring process, the Symphony still has a lot of work to do to further reduce costs. Over the past few months we have taken steps to reduce expenditures, increase revenue and drive contributions in an effort to strengthen our bottom line, but we must remain focused on taking all possible measures to ensure our financial stability. To that end, we will continue to need significant financial support from all of our donors in the years ahead in order to remain sustainable over the long term. As we continue to work toward securing the Symphony’s long-term stability, we remain as committed as ever to our cultural and educational mission, and are confident that the Middle Tennessee community will rise to the occasion to help this wonderful arts organization survive and thrive. For all of the challenges we are facing, we continue to achieve the highest standard of excellence in musical and educational programs. Response to the 2013-2014 season has been outstanding, and we look forward to seeing many of you at upcoming performances. As always, thank you for your continued leadership and commitment to this great institution. Sincerely, Ed Goodrich Chairman of the Board Alan D. Valentine President & CEO This message sent by [email protected] Nashville Symphony Orchestra One Symphony Place Nashville, TN 37201-2031
Posted on: Mon, 24 Jun 2013 23:09:12 +0000
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