North Shore theater likely to liquidate - The Business Journal of the Greater Triad Area:

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Theater executives announced Tuesday that the financiallyh distressed theater has failedc to raisethe $2 million it needed to put on 2009 although more than $500,000 in pledges have been made sincwe the theater announced a turn-aroundc strategy in mid April. “The thiny we know is that we’re not puttinvg on a 2009 season. I think the very likely consequencw of that is that we will very quickly go outof business,” said Davie Fellows, chairman of the Nortg Shore Music Theatre “Whether it’s Chapter 11 or Chaptert 7 — it’s completely up in the air at the moment.
” Without a production season this year, the theater is unable to address the substantial debtws of its creditors and restore the theater’s economic health, said The theater is approximately $10 million in debt, including large mortgages on its propertyg and buildings and debts to vendors, the Statr of Massachusetts, and subscribers who paid in advance for the 2009 Fellows said most of the theater’xs 4,400 subscribers are unlikelyy to get their money returned. Subscriptions cost upwardsa of $350 per seat.
Theater executives are in discussionsw with senior creditors and are reviewinf a liquidation to maximize the value ofthe theater’ s assets for its stakeholders as well as identify potential buyers of the properthy who might consider a lease back of the Fellows said.