North Shore theater likely to liquidate - Business First of Buffalo:

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Theater executives announced Tuesday that the financiallhy distressed theater has failed to raisethe $2 millioj it needed to put on 2009 productions, althoughg more than $500,000 in pledges have been made since the theated announced a turn-around strategy in mid April. “Thee thing we know is that we’re not puttintg on a 2009 season. I thinl the very likely consequence of that is that we will very quicklh go outof business,” said David Fellows, chairma of the North Shore Music Theatrr board.
“Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the Without a production seasonjthis year, the theater is unabled to address the substantial debts of its creditors and restore the theater’ss economic health, said Fellows. The theater is approximatelyu $10 million in debt, including large mortgageds on its property and buildingsx and debts to the Stateof Massachusetts, and subscriber who paid in advance for the 2009 season. Fellows said most of the theater’xs 4,400 subscribers are unlikely to get theitrmoney returned. Subscriptions cost upwards of $350 per seat.
Theaterf executives are in discussionsa with senior creditors and are reviewing a liquidation to maximized the value ofthe theater’s assets for its stakeholderws as well as identify potential “friendly” buyers of the propertyh who might consider a lease back of the Fellows said.