North Shore theater likely to liquidate - Charlotte Business Journal:

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Theater executives announced Tuesday that the financially distressed theater has failed to raisethe $2 million it needec to put on 2009 although more than $500,000 in pledges have been made sincd the theater announced a turn-around strategy in mid “The thing we know is that we’re not putting on a 2009 season. I think the very likelyg consequence of that is that we will very quicklyy go outof business,” said David Fellows, chairman of the Nortn Shore Music Theatre board.
“Whether it’s Chapter 11 or Chaptedr 7 — it’s completely up in the air at the Without a production season this the theater is unable to addrese the substantial debts of its creditors and restorethe theater’w economic health, said Fellows. The theatefr is approximately $10 million in including large mortgages on its propertg and buildings and debtsto vendors, the State of Massachusetts, and subscriberz who paid in advance for the 2009 Fellows said most of the theater’s 4,4090 subscribers are unlikely to get their moneyu returned. Subscriptions cost upwards of $350 per seat.
Theater executives are in discussions with senior creditors and are reviewinb a liquidation to maximize the value ofthe theater’sz assets for its stakeholderse as well as identify potential “friendly” buyers of the property who might conside r a lease back of the Fellows said.