LENOX, Mass. (AP) -- The Massachusetts home of author Edith Wharton has agreed with creditors on a restructuring plan to reduce its debt.
The estate is known as the Mount. It's near the Tanglewood summer home of the Boston Symphony Orchestra in Lenox, a tiny town in the Berkshires.
Mount trustees announced Wednesday the key to the restructuring is a $750,000 gift. They say the plan will cut the Mount's funded debt almost in half to $4.7 million and give the estate a "realistic" chance to retire its principal balance within five years.
Trustees plan to expand programming including writing workshops, lectures and a summer festival at the estate.
Wharton was the first woman to win the Pulitzer Prize, for the 1920 novel "The Age of Innocence." She died in France in 1937 at age 75.