SAN FRANCISCO — The Asian Art Museum Foundation won 30 days of breathing room Tuesday to negotiate accelerated payments after the expiration of a letter of credit from JPMorgan Chase & Co. that the San Francisco institution had used to back $120 million of bonds.

The foundation, the fundraising arm of the Asian Art Museum, hashed out a 30-day forbearance agreement on some obligations with JPMorgan and insurer MBIA. The pact gives the parties time to negotiate a “suitable” restructuring of the 2005 variable-rate revenue bonds, according to museum spokesman Tim Hallman.

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