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Long Beach : Symphony Paying Debts

January 30, 1986

Long Beach Symphony officials say they are meeting a schedule for paying off debts that pushed the 51-year-old orchestra to the brink of bankruptcy a year ago.

Financial statements scheduled for release this week are expected to show that, as of Dec. 31, the Long Beach Symphony Assn., which operates the orchestra, had paid $89,277 of its debt to commercial creditors and still owes them $167,427. Most are on 22-month repayment schedules that were implemented last summer.

Owed to more than 100 businesses, these were the most pressing of the debts which forced the orchestra to shut down for 12 months ending November, 1985, said Mary Newkirk, symphony general manager.

"We have not missed a single payment to a single person, and we are meeting all of our current obligations," Newkirk said.

The orchestra still owes the city $175,000 and Bank of America $115,000. Newkirk said she is "absolutely certain" that the first installment on the city loan, $12,500 due April 1, will be paid on time. The orchestra is making interest-only payments on the bank loan, which is expected to be renegotiated in August.

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