Art News

Asian Art Museum Foundation Announces Proposal to Restructure Foundation’s Debt

SAN FRANCISCO, CA.- Mayor Gavin Newsom, City Attorney Dennis Herrera, City Controller Ben Rosenfield, Board of Supervisors President David Chiu and the Asian Art Museum Foundation, the private fundraising arm of the Asian Art Museum, today announced a proposal to restructure the Foundation’s $120 million bond debt. The five-party proposed agreement, coordinated by City Attorney Herrera, City Controller Ben Rosenfield, and City Public Finance Director Nadia Sesay with participation from the Foundation and its creditors, JP Morgan Chase and MBIA, Inc., provides long term stable financing to the Foundation, allowing the organization to continue to raise the funds necessary to support the Museum’s dynamic range of exhibitions and programs. The proposal will now be submitted to the Board of Supervisors, Asian Art Commission and