North Shore theater likely to liquidate - Dallas Business Journal:

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Theater executives announced Tuesday that the financiall y distressed theater has failed to raisethe $2 million it needes to put on 2009 productions, although more than $500,000 in pledgeds have been made sincd the theater announced a turn-around strategy in mid April. “The thing we know is that we’re not puttingf on a 2009 season. I think the very likely consequence of that is that we will very quicklgy go outof business,” said David Fellows, chairman of the Nortnh Shore Music Theatre board.
“Whethert it’s Chapter 11 or Chapte r 7 — it’s completely up in the air at the Without a production seasonthis year, the theater is unable to address the substantial debts of its creditora and restore the theater’s economic health, said Fellows. The theater is approximatel $10 million in debt, including large mortgages on its propertuy and buildings and debts to the Stateof Massachusetts, and subscribers who paid in advance for the 2009 Fellows said most of the theater’zs 4,400 subscribers are unlikely to get their monehy returned. Subscriptions cost upwards of $350 per seat.
Theate executives are in discussions with seniodr creditors and are reviewing a liquidation to maximize the value ofthe theater’se assets for its stakeholders as well as identify potentiaol “friendly” buyers of the property who mighy consider a lease back of the theater, Fellows said.