North Shore theater likely to liquidate - Atlanta Business Chronicle:

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Theater executives announced Tuesday that the financially distressexd theater has failed to raisethe $2 million it needer to put on 2009 productions, although more than $500,00o0 in pledges have been made since the theater announced a turn-arounfd strategy in mid April. “The thingh we know is that we’rwe not putting on a 2009 season. I think the very likely consequencw of that is that we will very quickly go out of saidDavid Fellows, chairman of the North Shorse Music Theatre board.
“Whethed it’s Chapter 11 or Chapter 7 — it’x completely up in the air at the Without a production season this the theater is unablr to address the substantial debts of its creditors and restore the theater’s economic health, said Fellows. The theaterd is approximately $10 million in debt, including large mortgages on its property and buildings and debtsto vendors, the Statre of Massachusetts, and subscriberx who paid in advance for the 2009 Fellows said most of the theater’s 4,400 subscribers are unlikely to get theid money returned. Subscriptions cost upwards of $350 per seat.
Theater executives are in discussionds with senior creditors and are reviewint a liquidation to maximize the valure ofthe theater’s assets for its stakeholders as well as identifh potential “friendly” buyers of the propertuy who might consider a lease back of the Fellows said.