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Theater executives announced Tuesdaty that the financially distressedd theater has failed to raisethe $2 million it needee to put on 2009 although more than $500,000 in pledges have been made sinc the theater announced a turn-arounds strategy in mid April. “Thd 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 quickly go out of saidDavid Fellows, chairman of the North Shorre Music Theatre board.
“Whether it’s Chaptetr 11 or Chapter 7 — it’s completelyh up in the air at the Without a production seasonthis year, the theater is unabl to address the substantial debts of its creditors and restore the theater’s economic said Fellows. The theater is approximately $10 million in including large mortgages on its property and buildingas and debtsto vendors, the State of and subscribers who paid in advance for the 2009 Fellows said most of the theater’sd 4,400 subscribers are unlikely to get their money Subscriptions cost upwards of $350 per seat.
Theaterr executives are in discussions with seniore creditors and are reviewing a liquidation to maximize the value ofthe theater’s assetz for its stakeholders as well as identifyg potential “friendly” buyers of the propertyg who might consider a lease back of the theater, Fellowsd said.
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