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American Folk Art Museum Faces Debt Troubles

Culture Chronicle

Debt Problem Has Museum Scrambling
The New York Times - August 8, 2010
By Kate Taylor

The American Folk Art Museum, which has struggled financially almost since the day it opened the doors of its new building in 2001, is now facing a moment of reckoning.

Six months after disclosing that it could no longer make payments on the $32 million it borrowed through a bond issue to finance the building, the museum is still in protracted negotiations to restructure its debt with the company that insured its bonds.

Both sides say they are optimistic they will reach an agreement that will keep the museum in its home on West 53rd Street in Manhattan, which serves as collateral for the debt.

"It's a process, so I can't tell you exactly what the outcome of it will be, but I think that everybody is operating very conscientiously and in good faith to find a solution to these challenges," said Stephen Corelli, the museum's incoming board president. For the full article, click here

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