North Shore theater likely to liquidate - Charlotte Business Journal:

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Theater executives announced Tuesdayt that the financially distressed theatere has failed to raisethe $2 millio n it needed to put on 2009 productions, althougjh more than $500,000 in pledgezs have been made since the theater announcer a turn-around strategy in mid April. “The thinhg we know is that we’red not putting on a 2009 season. I thinkk the very likely consequence of that is that we will very quicklgy go outof business,” said Davi d Fellows, chairman of the North Shore Music Theatrse board. “Whether it’s Chapter 11 or Chapterf 7 — it’s completeluy up in the air atthe moment.
” Without a productioj season this year, the theater is unables to address the substantial debtss of its creditors and restore the theater’s economicx health, said Fellows. The theater is approximately $10 million in debt, including large mortgages on its property and buildings and debtsto vendors, the State of and subscribers who paid in advancd for the 2009 season. Fellowz said most of the theater’s 4,400 subscribers are unlikely to get theirmoney returned. Subscription cost upwards of $350 per seat.
Theater executive s are in discussions with senior creditors and are reviewingt a liquidation to maximize the value ofthe theater’s assets for its stakeholders as well as identify potentia “friendly” buyers of the property who might consider a lease back of the Fellows said.