DSO Agrees to Debt Solution

DSO still performing after controversial decisions made


Published:

DETROIT — The Detroit Symphony Orchestra announced Thursday that it has reached a resolution with its five-bank lending syndicate.

This resolution is one step in the DSO’s strategic recovery plan that started in 2008. That plan includes: cutting staff workforce and compensation of 10 percent and five percent in 2009, members of IATSE union agreed to cuts and freezes, in 2010 music director Leonard Slatkin agreed to a three-year contract extension through 2013 and a pay cut, and in 2011 members of the DSO agreed to a 3-year concessionary contract of $36.3 million,11.3 percent decrease from the previous 3-year expenditure.

“This was a complex and carefully considered process,” said Arthur A. Weiss,t reasurer and executive committee member of the DSO. “The DSO is grateful for the spirit in which our lenders worked with us to resolve our banking differences. This agreement removes a substantial liability from our balance sheet and a significant source of financial strain for the DSO. Most importantly, it represents a new beginning for our 125-year-old community gem.”

The new agreement achieved helpful work rule changes that allowed DSO to address certain aspects of the business model, including community engagement, educational services, and digital media. 

For concert information, or to make a donation, visit www.dso.org.

Edit Module
Edit Module Edit Module
Edit ModuleShow Tags Edit ModuleShow Tags

Most Popular

  1. Motor City Harley-Davidson Plans $8M Dealership with Restaurant, Drive-in Theater
    Motor City Harley-Davidson will build an $8 million dealership that will also offer a...
  2. Extreme Cold Therapy Center to Expand to Royal Oak, Detroit
    Cryospa Detroit, a Bloomfield Township-based company that offers a type of therapy treatment...
  3. Rochester Hills Unveils Plans for Ice-skating Pond, Canoe Launch at Riverbend Park
    After raising more than $1 million in private funds, the City of Rochester Hills today unveiled...
  4. Lawrence Tech Adds Manufacturing Engineering Degree at Focus: HOPE
    Southfield-based Lawrence Technological University will now offer its new associate of science...
  5. Grilled Cheese Restaurant Tom+Chee to Open in Troy
    Tom+Chee, a fast-casual restaurant featuring a variety of grilled cheese sandwiches and tomato...
  6. Applebee's in Michigan to Offer Ferndale's Valentine Distilling Vodka, Gin
    Ferndale-based Valentine Distilling Co.'s gin and vodka will now be used at nearly 70 Applebee...