DSO Agrees to Debt Solution

DSO still performing after controversial decisions made


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. Mediterranean Restaurant Forest Opens in Birmingham
    The Mediterranean-inspired restaurant Forest, formerly Forest Grill, reopened this week under its...
  2. Stahls’ Opens New Headquarters in Sterling Heights
    Stahls’, a manufacturer of garment decoration equipment for professional, college, and high...
  3. Atwater Brewery to Open New Biergarten/Taphouse Along Detroit's East Riverfront
    Detroit-based Atwater Brewery will open a new biergarten and taphouse, located next to its...
  4. US-Mattress Opens New Location in Livonia
  5. Somerset Collection's Holiday Popup CityLoft Opens Next Week; The Detroit Shoppe Relocates
    Somerset Collection's CityLoft, a holiday popup shop with more than 30 retailers, will open next...
  6. Downtown Detroit’s Historic Beaubien House Sold
    The historic Beaubien House in downtown Detroit, previously owned and occupied by the American...