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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.
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Saturday, March 16 2013, 04:03 PM CDT
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.
BC-US--Dow Record-Three Personal Stories, 1st Ld-Writethru,1173
Dow Record: Three tales of ups, downs and changes
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By SCOTT MAYEROWITZ
AP Business Writer
NEW YORK (AP) -- When the Dow first crossed 14,000, investors were overjoyed. ...
IN THE NEWS: iPHONE RECOVERED AFTER THEFT IN OREGON
MEDFORD, Ore. (AP) -- A smartphone, plus a not-so-smart criminal -- equals an arrest in Oregon.
WASHINGTON (AP) -- George Washington University students will soon be walking all over the White House and the Capitol, too.