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Debt Relief

How good does it feel to lose $54 million in real estate debt? Ask the Detroit Symphony Orchestra. The standoff between the non profit and the banks over a mortgage for the Max M. Fisher Music Center, which opened in 2003, has come to a conclusion. The DSO defaulted on its loan in 2009 and stopped paying the annual $2 million to $3 million it owed in interest and fees in 2010. [Freep]