The nonprofit foundation that runs New London’s Mystic Aquarium hammered out a deal with Citibank that forgives nearly half its approximately $34 million outstanding debt right away and has provisions for cutting more debt over time.
The Sea Research Foundation Inc. said its restructuring agreement with its lead bank cut its outstanding debt to $19 million. The pact also has an option for up to $5 million of incremental debt waiver if the foundation is able to repay up to $4 million on its own.
The state, along with members of the Connecticut Congressional delegation, and United Technologies Corp., participated in the settlement, although exact details of their roles were sketchy late Tuesday.
The foundation said a “major donation” from Sea Research Board Chair George M. Milne helped seal the agreement. In return, the aquarium’s new research and education facility will be named in Milne’s honor.
A dropoff in aquarium admissions triggered the debt restructuring, the nonprofit said.
Sea Research said the restructuring means it can move ahead with a capital campaign to raise money to build a new exhibition facility to be called the United Technologies Ocean Exploration Center, named for its lead corporate donor.
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