San Francisco to Aid Asian Art Museum

sf-asian-art-museumGavin Newsom, the mayor of San Francisco, announced this past Thursday that the city is step up to prevent its Asian Art Museum from disappearing. San Francisco will secure the museum’s $99 million debt.

The action barred lender JPMorgan Chase from shutting down the museum’s line of credit, as well as from ordering a repayment plan that could potentially force it to declare bankruptcy. City officials have reported that they have persuaded the bank to forgive around $21 million of the owed money.

The museum has one of the most significant collections of Asian art outside of Asia. It took over a historic building in 2003, and has since suffered money losses due to less attendance and donations during the recession.

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