The Mount reaches an agreement to cut its $8.4M in debt and avoid foreclosure.
The Mount, the historic former home of noted American author Edith Wharton, has shored up its financial footing.Representatives of the site, which last year was nearly $9 million in debt and on the brink of foreclosure, announced yesterday that the nonprofit has reached agreement with its creditors on an overall restructuring of its debt.
The agreement will “significantly” reduce The Mount’s debt service, and more importantly, provide what officials there say is a “reasonable and realistic” timetable to retire the principal balance within a five-year term.
