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

Related Articles

The Fountain Restaurant Rolls into Campus Marius

The Fountain Detroit, a restaurant and bar arrived in the unique beach area at Campus Maritus Park this morning in preparation for the 2016 summer season.

Giant Hot Dog Added to Mackinaw City Diner

Pilot Progam Launched to Promote Healthy Lifestyles in Communities

A new community-based pilot project to promote healthy behaviors and lifestyles within communities has launched in Royal Oak.

Alaskan Outfitter Opens First Michigan Store in Detroit

Filson, a Seattle-based manufacturer and outfitter, has opened the doors to its first Michigan store in Midtown Detroit today.

The Townsend Hotel Unveils Final Phase of Renovations

The Townsend Hotel , an award winning and luxury hotel in Birmingham, is unveiling plans for the final phase of its ongoing modern luxury makeover, which began in 2012.
Edit ModuleShow Tags

Most Popular

  1. Detroit Denim Co. Opens New Location, Launches Additional Product Lines
    Described as a new manufacturing center in the Motor City, Detroit Denim Co. opens its new...
  2. Detroit’s Metropolitan Building to be Converted into Extended-stay Hotel
    Starwood Hotels & Resorts Worldwide Inc. and two local partners will convert the historic...
  3. 3 Beaumont Hospitals to Offer Non-Emergency Heart Procedure
    Beaumont hospitals in Farmington Hills, Trenton, and Wayne have earned approvals to perform...
  4. Ann Arbor’s TITLE Boxing Club Adds New Owners
    Ann Arbor-based TITLE Boxing Club International— which has grown to 150 boxing clubs from 20...
  5. New Nonprofit Plans to Build Market-rate Homes, Apartments in Detroit
    With the goal of investing in Detroit’s communities and creating increased access to housing...
  6. French Firms Plan Visit to Troy to Study Autonomous Vehicles
    An event focused on connected and autonomous vehicles for French businesses looking to gain...