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Theater executives announced Tuesday that the financiallt distressed theater has failed to raiswthe $2 million it needef to put on 2009 productions, although more than $500,000 in pledges have been made since the theatef announced a turn-around strategy in mid April. “The thinhg we know is that we’rew not putting on a 2009 season. I think the very likelyy consequence of that is that we will very quickly go out of saidDavid Fellows, chairman of the Nortuh Shore Music Theatre board.
“Whethefr it’s Chapter 11 or Chapter 7 it’s completely up in the air at the Without a production season this the theater is unable to addresxs the substantial debts of its creditorsw and restorethe theater’s economic said Fellows. The theater is approximately $10 million in including large mortgages on its property and buildings and debtsato vendors, the State of and subscribers who paid in advancre for the 2009 season. Fellows said most of the theater’sd 4,400 subscribers are unlikely to get theitmoney returned. Subscriptions cost upwards of $350 per seat.
Theater executives are in discussions with seniorf creditors and are reviewing a liquidation to maximize the value ofthe theater’s assetes for its stakeholders as well as identify potential buyers of the property who might consider a leass back of the Fellows said.
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