Government Loans: Loan Restructuring for the Wolf Trap Foundation for the Performing Arts

In response to a congressional request, GAO analyzed alternatives for restructuring debt that the Wolf Trap Foundation for the Performing Arts incurred to repair the Filene Center, including: (1) restructuring the Foundation's entire debt over an extended period; (2) forgiving a portion of the debt, particularly the accrued interest, and restructuring the remaining balance; (3) reducing the debt by half of the overrun costs and restructuring the remaining balance; (4) accepting Foundation-owned property in lieu of payment; and (5) transferring the Filene Center, at its estimated replacement value of $36.3 million, to the federal government in full satisfaction of the debt.