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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 This material may not be published, broadcast, rewritten or redistributed."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 This material may not be published, broadcast, rewritten or redistributed."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
Man pleads guilty to Memphis officer's murder
May 21, 2013 22:22 GMT
MEMPHIS, Tenn. (AP) -- A former death row inmate is set to be released from prison after he pleaded guilty to second-degree murder of a Memphis police officer.
Shelby County District Attorney Amy Weirich said Tuesday that she has accepted Timothy McKinney's guilty plea.
McKinney was convicted of first-degree murder for the fatal shooting of Officer Don Williams. The officer was killed outside a comedy club in December 1997.
McKinney appealed and won a new trial, which ended with a deadlocked jury. A third trial earlier this year also ended in a hung jury.
The Commercial Appeal reports that McKinney was sentenced to 15 years in prison. Since he's already served more than 15 years -- including 11 on death row -- McKinney will be released this week.
Williams' family opposed the settlement.
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