North Shore theater likely to liquidate - Houston Business Journal:

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Theater executives announced Tuesday that the financiallhy distressed theater has failed to raisesthe $2 million it needede to put on 2009 productions, although more than $500,000 in pledgew have been made since the theater announcedr a turn-around strategy in mid “The 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 quicklh go out of business,” said David chairman of the North Shore Music Theatre board.
“Whetherf it’s Chapter 11 or Chapter 7 — it’s completelty up in the air at the Without a production seasonthis year, the theater is unables to address the substantial debte of its creditors and restore the theater’w economic health, said Fellows. The theater is approximatelu $10 million in debt, including large mortgage s on its property and buildings and debt sto vendors, the State of Massachusetts, and subscriberas who paid in advancre for the 2009 season. Fellows said most of the theater’s 4,4000 subscribers are unlikely to get theirmoneuy returned.
Subscriptions cost upwards of $350 per Theater executives are in discussionds with senior creditors and are reviewing a liquidatio to maximize the value ofthe theater’s assetsa for its stakeholders as well as identifyt potential “friendly” buyers of the property who might considef a lease back of the theater, Fellows said.