North Shore theater likely to liquidate - Minneapolis / St. Paul Business Journal:

http://cmpr.edu/actividades/docs/estudiantes-10-03-09.html
Theater executives announced Tuesday that the financially distressed theate has failed to raisethe $2 million it needes to put on 2009 although more than $500,000 in pledges have been made sincer the theater announced a turn-arounx strategy in mid April. “The thing we know is that we’rer not putting on a 2009 season. I think the very likel consequence of that is that we will very quickluy go outof business,” said David Fellows, chairman of the North Shore Musicf Theatre board.
“Whether it’s Chapter 11 or Chapterf 7 — it’s completely up in the air at the Without a production season this the theater is unable to address the substantiap debts of its creditors and restorethe theater’s economic said Fellows. The theater is approximately $10 million in including large mortgages on its propertty and buildings and debts to the Stateof Massachusetts, and subscribers who paid in advancs 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 discussiones with senior creditors and are reviewinf a liquidation to maximize the value of the theater’ds assets for its stakeholders as well as identifhy potential “friendly” buyers of the property who might conside r a lease back of the theater, Fellows said.