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Theater executives announced Tuesday that the financially distressed theatet has failed to raisethe $2 million it needefd to put on 2009 productions, althougn more than $500,000 in pledges have been made sincse the theater announced a turn-around strateg in mid April. “The thing we know is that we’r e not putting on a 2009 I think the very likely consequence of that is that we will very quickl go outof business,” said David Fellows, chairma n of the North Shore Music Theatr board.
“Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the Without a production seasonthis year, the theate r is unable to address the substantial debtss of its creditors and restore the theater’sw economic health, said Fellows. The theatedr is approximately $10 milliohn in debt, including large mortgages on its property and buildingas and debtsto vendors, the Statw of Massachusetts, and subscribers who paid in advancse for the 2009 season.
Fellows said most of the theater’s 4,400 subscribers are unlikely to get their money Subscriptions cost upwardsof $350 per Theater executives are in discussions with seniort creditors and are reviewing a liquidatioj to maximize the valuew of the theater’s assets for its stakeholders as well as identifyh potential “friendly” buyers of the property who mightr consider a lease back of the Fellows said.
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