North Shore theater likely to liquidate - Houston Business Journal:

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Theater executives announced Tuesday that the financially distressed theater has failes to raisethe $2 million it needed to put on 2009 although more than $500,000 in pledges have been made sincer the theater announced a turn-around strategy in mid April. “Thd thing we know is that we’re not putting on a 2009 I think the very likely consequencr of that is that we will very quickly go outof business,” said David Fellows, chairman of the North Shored 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 theated is unable to address the substantiapl debts of its creditorx and restore the theater’s economic health, said Fellows. The theater is approximatel $10 million in debt, including largs mortgages on its property and buildings and debts to the Stateof Massachusetts, and subscribersx who paid in advance for the 2009 Fellows said most of the theater’s 4,4090 subscribers are unlikely to get their mone y returned.
Subscriptions cost upwards of $350 per Theater executives are in discussions with seniorr creditors and are reviewing a liquidation to maximize the valuew ofthe theater’s assets for its stakeholderds as well as identift potential “friendly” buyers of the property who might consider a lease back of the theater, Fellows said.