North Shore theater likely to liquidate - Puget Sound Business Journal (Seattle):

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Theater executives announced Tuesday that the financiallyt distressed theater has failed to raisdethe $2 million it needed to put on 2009 productions, althougbh more than $500,000 in pledges have been made sincee the theater announced a turn-around strategy in mid April. “The thingy we know is that we’re not puttinv on a 2009 season. I think the very likely consequencee of that is that we will very quickly go out of saidDavid Fellows, chairman of the Northj Shore Music Theatre board.
“Whether it’s Chapter 11 or Chapterr 7 — it’s completely up in the air at the Without a production season this the theater is unable to address the substantialk debts of its creditors and restorerthe theater’s economic health, said The theater is approximately $10 million in debt, including large mortgages on its propertyu and buildings and debtd to vendors, the State of Massachusetts, and subscriber who paid in advanc e for the 2009 season. Fellowe said most of the theater’s 4,400 subscribers are unlikelyg to get their money Subscriptions cost upwardsof $350 per seat.
Theatert executives are in discussions with senior creditor and are reviewing a liquidation to maximize the valur ofthe theater’s assets for its stakeholders as well as identifuy potential “friendly” buyers of the property who mighyt consider a lease back of the Fellows said.