North Shore theater likely to liquidate - Boston Business Journal:

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Theater executives announced Tuesdagy that the financially distressed theater has failed to raisethe $2 millionb it needed to put on 2009 productions, although more than $500,00o0 in pledges have been made sincde the theater announced a turn-around strategy in mid “The thing we know is that we’red not putting on a 2009 I think the very likelyy consequence of that is that we will very quicklh go out of business,” said David chairman of the North Shore Music Theatred board. “Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the moment.
” Withou t a production season this year, the theater is unable to addressz the substantial debts of its creditords and restorethe theater’s economic health, said Fellows. The theate is approximately $10 million in debt, including larg mortgages on its property and buildings and debtsto vendors, the Stat of Massachusetts, and subscribers who paid in advance for the 2009 Fellows said most of the theater’s 4,400 subscribers are unlikelgy to get their money Subscriptions cost upwards of $350 per Theater executives are in discussions with senior creditors and are reviewintg a liquidation to maximize the value of the theater’s assetsd for its stakeholders as well as identify potential buyers of the property who might consider a lease back of the Fellows said.