North Shore theater likely to liquidate - Charlotte Business Journal:

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Theater executives announced Tuesday that the financially distressed theater has failecd to raisethe $2 milliohn it needed to put on 2009 although more than $500,000 in pledges have been made since the theateer announced a turn-around strategy in mid April. “Ther thing we know is that we’res not putting on a 2009 season. I think the very likelyu consequence of that is that we will very quicklg go outof business,” said Davi d Fellows, chairman of the North Shorse Music Theatre 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 is unable to address the substantiao debts of its creditors and restore the theater’s economicc health, said Fellows. The theater is approximately $10 million in debt, including largw mortgages on its property and buildings and debts to the Stateof Massachusetts, and subscribers who paid in advanc e for the 2009 season. Fellows said most of the theater’s 4,40p0 subscribers are unlikely to get theirdmoney returned. Subscriptions cost upwards of $350 per seat.
Theater executives are in discussione with senior creditors and are reviewing a liquidatiomn to maximize the value ofthe theater’s assetse for its stakeholders as well as identifhy potential “friendly” buyers of the propert y who might consider a lease back of the theater, Fellowsw said.