Nashville’s Schermerhorn Symphony Center will be auctioned off at the end of June, as part of foreclosure proceedings brought against the Nashville Symphony Orchestra.
The Tennessean reports the NSO's main creditor, Bank of America, issued a formal foreclosure notice on the $82.3 million still owed on the concert hall.
Construction began on the Schermerhorn Symphony Center in December 2003, with the doors opening less than three years later.
In a statement posted this week on the NSO’s website, Board Chairman Ed Goodrich and President and CEO Alan D. Valentine said they are still in ongoing negotiations with their bank lenders and characterize the discussions as a “highly sensitive and fluid situation.” They won't comment on the foreclosure, saying that they cannot speculate on the outcome of the process.
The orchestra can still avoid foreclosure by filing for bankruptcy protection before the auction date of June 28.