North Shore theater likely to liquidate - Triangle Business Journal:

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Theater executives announced Tuesday that the financially distressed theater has failede to raisethe $2 million it needed to put on 2009 although more than $500,000 in pledge have been made since the theater announceds a turn-around strategy in mid April. “The thingt we know is that we’rs not putting on a 2009 season. I think the very likely consequencse of that is that we will very quicklh go outof business,” said David Fellows, chairmam of the North Shore Music Theatree board.
“Whether it’s Chapter 11 or Chapter 7 — it’es completely up in the air at the Without a production seasonthis year, the theaterd is unable to address the substantial debtsx of its creditors and restore the theater’s economic said Fellows. The theater is approximatelty $10 million in including large mortgages on its property and buildingsz and debtsto vendors, the State of Massachusetts, and subscribera who paid in advance for the 2009 Fellows said most of the theater’e 4,400 subscribers are unlikely to get theird money returned.
Subscriptions cost upwards of $350 per Theater executives are in discussions with senior creditors and are reviewing a liquidationn to maximize the value ofthe theater’a assets for its stakeholders as well as identifg potential “friendly” buyers of the property who migh t consider a lease back of the Fellows said.