Creative Commons/miss_millions

The Asian Art Museum of San Francisco

After 12 weeks of negotiation to restructure its $120 million debt, the Asian Art Museum Foundation of San Francisco has finally received approval for its plan which will be implemented immediately.

The agreement, reached with participation of the foundation and its creditors, JP Morgan Chase and MBIA, Inc., “provides long term stable financing to the Foundation,” according to AsianWeek.

The plan was coordinated by City Attorney Dennis Herrera, City Controller Ben Rosenfield, and City Public Finance Director Nadia Sesay.

“With the plan now firmly in place, the museum can once again focus its energies on continuing to successfully fulfill our mission of leading a diverse global audience in discovering the unique material, aesthetic, and intellectual achievements of Asian art and culture,” said Anthony Sun, chair of the Asian Art Commission and Asian Art Museum Foundation.

The plan’s approval comes two weeks before the Museum presents Bali: Art, Ritual, Performance, notes AsianWeek, “the first large scale exhibition of Balinese art ever presented in the United States.”