NJ Symphony Defers Instrument Loan

“The New Jersey Symphony Orchestra has deferred payment on part of a $9.18 million loan it took out in 2003 to purchase a collection of 30 rare Italian stringed instruments. The state Economic Development Authority yesterday granted the orchestra’s request to pay only interest on the loan for nine months, beginning next month. In exchange, the orchestra agreed to a lien on $366,000 of its endowment fund.”