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. Jolly Pumpkin to Open in Detroit’s Midtown in April
    Jolly Pumpkin, a craft brewery with locations in Dexter, Ann Arbor, and Traverse City, will open...
  2. Former Taubman Executive Launches ‘Wrapped in Love’ Fashion Line
    Karen MacDonald, a longtime director of communications at Taubman Centers Inc. in Bloomfield...
  3. Student Investment Conference in Detroit to Include Live Broadcast on CNBC
    CNBC's Fast Money Halftime Report, hosted by Scott Wapner, will broadcast live from Detroit's...
  4. New TV Series Centers on Michigan High School Robotics Teams
    RoboZone, a new series about high school robotics teams in the state, will debut on TV channels...
  5. State's Largest Employers Plan More Hiring, Investments in Michigan
    The economy in Michigan and the U.S. are expected to continue to grow through the next six to 18...
  6. Local Teens to Open Non-profit Clothing Store in Pontiac
    Two high school students will open a clothing store March 5 to provide new and gently used attire...