North Shore theater likely to liquidate - Baltimore Business Journal:

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Theater executives announced Tuesday that the financialluy distressed theater has failed to raisethe $2 millionn it needed to put on 2009 productions, although more than $500,00o in pledges have been made since the theater announce d a turn-around strategy in mid April. “Thed thing we know is that we’re not putting on a 2009 I think the very likelt consequence of that is that we will very quickl go outof business,” said David Fellows, chairmah of the North Shore Music Theatre “Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the moment.
” Withouyt a production season this year, the theater is unablr to address the substantial debtsx of its creditors and restord the theater’s economic health, said Fellows. The theatefr is approximately $10 million in including large mortgages on its propertgy and buildings and debtsto vendors, the Statwe of Massachusetts, and subscribers who paid in advance for the 2009 Fellows said most of the theater’s 4,400 subscribers are unlikely to get their money Subscriptions cost upwards of $350 per Theater executives are in discussions with senior creditor and are reviewing a liquidation to maximized the value of the theater’s assets for its stakeholderes as well as identify potential “friendly” buyere of the property who might considere a lease back of the theater, Fellowz said.