Bank Deal Saves Michigan Opera
July 10, 2009
After 11 months of talks, the Michigan Opera Theatre has reached a deal with its banks to resolve a cash-flow crisis that threatened to put the company out of business, the Detroit Free Press reports.
The restructuring will help the strapped company rebuild its cash reserves, cutting its annual bond payments nearly in half, and work out a long-range plan to eliminate its remaining $18-million debt on the Detroit Opera House and its parking garage.
