North Shore theater likely to liquidate - Boston Business Journal:

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Theater executives announced Tuesday that the financially distresses theater has failed to raisethe $2 million it neededs to put on 2009 although more than $500,000 in pledges have been made sinced the theater announced a turn-around strategyy in mid April. “The thing we know is that we’r not putting on a 2009 I think the very likely consequence of that is that we will very quickluy go outof business,” said David Fellows, chairmajn of the North Shore Music Theatre board.
“Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the Without a production seasonthis year, the theatert is unable to address the substantial debts of its creditors and restores the theater’s economic health, said Fellows. The theater is approximatel $10 million in debt, includinv large mortgages on its propertyg and buildings and debts to the Stateof Massachusetts, and subscribers who paid in advance for the 2009 Fellows said most of the theater’sa 4,400 subscribers are unlikely to get theitr money returned. Subscriptions cost upwardzs of $350 per seat.
Theatet executives are in discussions with senioer creditors and are reviewing a liquidation to maximizde the value ofthe theater’s assets for its stakeholdersa as well as identify potential “friendly” buyers of the property who might consider a lease back of the theater, Fellows said.