- Brooklyn, N.Y.: ‘Lesbian capital’ of the Northeast
- Elian Gonzalez: It’s America’s fault that my mother died
- India top court rules homosexuality is illegal
- Aaron Hernandez, ex-Patriot, on prison life: ‘I’m way less stressed in jail’
- Man pulled from water believed to be disgraced D.C. cop
- Kabul airport hit by suicide bomber who targeted NATO gate
- Space probe on course to land on mile-wide comet
- New budget accord saves $23 billion — after $65 billion spending spree
- Congress seeks ban on in-flight calls
- Michelle Malkin’s Twitchy site sold to owners of Townhall, HotAir: report
Detroit Symphony resolves bank loans tied to venue
DETROIT (AP) - The Detroit Symphony Orchestra announced Thursday that it has resolved $54 million in loans owed to five banks on a real estate deal for the Max M. Fisher Music Center, allowing the 125-year-old orchestra to more confidently move ahead in its financial recovery.
The settlement was announced Wednesday before the orchestra’s executive committee and released publicly Thursday morning. Details of the deal were not disclosed.
“The settlement had a very tight confidentiality agreement,” orchestra executive vice president Paul Hogle told The Associated Press Wednesday afternoon.
“It’s not a restructuring. This is done and behind us,” he added. “I think it’s a credit to the five banks.”
Resolving the loans enables the orchestra to move forward with its strategic recovery plan and follows several years of financial troubles, including a contentious 6-month strike by musicians who in April 2011 agreed to major contract concessions.
“We settled it,” Weiss said. “We have a lot of work ahead of us. We have to create a strong foundation for this cultural institution and increase annual fundraising. We have to make sure we meet the annual giving and we will continue to do whatever we can to put the institution on a sound financial base.
“We have a ways to go, but it’s a sound step.”
The orchestra still faces an expected $3 million operating deficit heading into the start of its new fiscal year in August, and could spend another three to five years with a negative balance.
“We will definitely still be in the red,” Hogle said.
The 3-year, $36.3 million concessions pact they agreed to following the strike is more than 11 percent less than the previous contract.
In 2009, 39 staff positions were eliminated, while pay cuts of 5 percent and 10 percent were instituted. Music Director Leonard Slatkin agreed in 2010 to a 3-year contract extension and a pay cut.
“If the debt is removed, that’s a tremendous thing,” Chicago-based arts consultant Drew McManus said.
By Donald Lambro
Growth spikes are little more than trend-free anomalies
- Teen thugs in DC run wild -- even while wearing GPS ankle bracelets
- New budget accord saves $23 billion -- after $65 billion spending spree
- Obama takes 'selfie' at Mandela's funeral service
- VEGAS RULES: Harry Reid pushed feds to change ruling for casino's big-money foreigners
- CARSON: Why did the founders give us the Second Amendment?
- Gov't Motors: Obama fudges math on auto bailout, $15 billion loss for taxpayers
- Somber duty: U.S. presidents in hot demand at Mandela's memorial
- EDITORIAL: The shake that shook the world
- LAMBRO: The dark lining to the silver cloud of Obamanomics
- Chinese man fed up with his girlfriend's shopping jumps to his death
Independent voices from the The Washington Times Communities
Helping the YOUniverse conspire on your behalf.
A column dedicated to discussing politics, national security, civil liberties, and education.
Criticism may not be agreeable, but it is necessary. It fulfills the same function as pain in the human body. It calls attention to an unhealthy state of things.
The “Silver Tsunami” created by aging Baby Boomers is hitting America. Let’s explore how we adjust to it, enjoy it and defy negative expectations about age.
White House pets gone wild!
Let it snow