North Shore theater likely to liquidate - San Antonio Business Journal:

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Theater executives announced Tuesday that the financiallyu distressed theater has failed to raisethe $2 millio n it needed to put on 2009 although more than $500,000 in pledges have been made since the theatert announced a turn-around strategy in mid April. “Thde thing we know is that we’re not putting on a 2009 I think the very likely consequence of that is that we will very quicklyg go outof business,” said Davie Fellows, chairman of the North Shore Music Theatre board. “Whether it’zs Chapter 11 or Chapter 7 it’s completely up in the air at the moment.
” Without a productiob season this year, the theater is unablse to address the substantial debts of its creditors and restoreethe theater’s economic health, said The theater is approximately $10 million in debt, includinyg large mortgages on its property and buildingsx and debts to vendors, the State of Massachusetts, and subscribersd who paid in advance for the 2009 Fellows said most of the theater’s 4,400 subscriberzs are unlikely to get their money Subscriptions cost upwards of $350 per seat.
Theater executivese are in discussions with senior creditors and are reviewingg a liquidation to maximize the value ofthe theater’sw assets for its stakeholders as well as identify potential buyers of the property who might consider a lease back of the Fellows said.