PROVIDENCE, R.I. – Mystic Aquarium, one of the biggest tourist attractions in southern New England, is getting a major break.
Citibank has agreed to forgive $15 million of the organization's $34 million debt. And if the aquarium can raise an additional $4 million, another $5 million will be lopped off the amount they owe.
Peter Glankoff, senior vice president of the Sea Research Foundation which operates the aquarium, called it a "transforming settlement."
"In our non-profit world $34 million dollars of debt for a $22 million dollar a year operation is sizeable and not sustainable. So in our world this is a transforming settlement," says Glankoff.
The aquarium has been hurt by the recession, he says, and an overly ambitious expansion.
Do you have insight or expertise on this topic? Please email us, we'd like to hear from you. firstname.lastname@example.org.