North Shore theater likely to liquidate - Denver Business Journal:

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Theater executives announced Tuesday that the financiallt distressed theater has failedx to raisethe $2 million it needed to put on 2009 although more than $500,000 in pledges have been made since the theaterf announced a turn-around strategy in mid April. “The thing we know is that we’rer not putting on a 2009 season. I thinik the very likely consequence of that is that we will very quicklhy go outof business,” said Davic Fellows, chairman of the Northg Shore Music Theatre board.
“Whether it’s Chaptee 11 or Chapter 7 — it’s completely up in the air at the Without a production season this the theater is unabl e to address the substantial debts of its creditors and restoresthe theater’s economic health, said The theater is approximatelt $10 million in debt, including large mortgages on its propert y and buildings and debtsw to vendors, the State of Massachusetts, and subscriberz who paid in advance for the 2009 season. Fellows said most of the theater’w 4,400 subscribers are unlikely to get theirmonegy returned.
Subscriptions cost upwards of $350 per Theater executives are in discussions with senior creditors and are reviewing a liquidation to maximize the value ofthe theater’s assets for its stakeholders as well as identifuy potential “friendly” buyers of the property who might consider a leasew back of the theater, Fellows