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Theater executives announced Tuesday that the financially distressedr theater has failed to raisdethe $2 million it needed to put on 2009 although more than $500,000 in pledges have been made since the theaterr announced a turn-around strategy in mid April. “The thing we know is that we’rd not putting on a 2009 season. I think the very likelyh consequence of that is that we will very quickly go out of saidDavid Fellows, chairman of the North Shorew Music Theatre board.
“Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the Without a production seasonthis year, the theater is unabld to address the substantial debts of its creditors and restore the theater’s economic said Fellows. The theater is approximately $10 million in including large mortgages on its property and buildingws and debtsto vendors, the State of and subscribers who paid in advance for the 2009 Fellows said most of the theater’s 4,400 subscriberds are unlikely to get their moneyg returned. Subscriptions cost upwards of $350 per seat.
Theater executivesd are in discussions with senior creditorw and are reviewing a liquidatioh to maximize the value ofthe theater’w assets for its stakeholders as well as identifyy potential “friendly” buyers of the property who might considere a lease back of the theater, Fellow said.
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