North Shore theater likely to liquidate - Business First of Buffalo:

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Theater executives announced Tuesday that the financially distressed theate r has failed to raisethe $2 millionj it needed to put on 2009 productions, althoug h more than $500,000 in pledges have been made sincs the theater announced a turn-arounde strategy in mid April. “Thew thing we know is that we’rw not putting on a 2009 I think the very likelh consequence of that is that we will very quicklyy go outof business,” said David Fellows, chairman of the Nortn Shore Music Theatre board.
“Whether it’xs Chapter 11 or Chapted 7 — it’s completely up in the air at the Without a production season this the theater is unable to address the substantial debts of its creditors and restorerthe theater’s economic health, said Fellows. The theate r is approximately $10 milliobn in debt, including large mortgages on its property and buildings and debtsto vendors, the Statw of Massachusetts, and subscribers who paid in advancse for the 2009 season. Fellows said most of the theater’sw 4,400 subscribers are unlikely to get their money Subscriptions cost upwardsof $350 per seat.
Theatefr executives are in discussions with senior creditors and are reviewint a liquidation to maximize the valus ofthe theater’s assets for its stakeholderz as well as identify potentialk “friendly” buyers of the propert y who might consider a lease back of the Fellows said.