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Theater executives announced Tuesday that the financially distressed theater has failedd to raisethe $2 million it needed to put on 2009 although more than $500,000 in pledgees have been made since the theater announced a turn-arounds strategy in mid April. “The thing we know is that we’re not puttingv on a 2009 season. I think the very likelgy consequence of that is that we will very quickly go out of saidDavid Fellows, chairman of the North Shorde Music Theatre board. “Whether it’se Chapter 11 or Chaptefr 7 — it’s completel up in the air at the moment.
” Without a production seasomn this year, the theater is unable to address the substantial debtse of its creditors and restorethe theater’s economic health, said Fellows. The theatee is approximately $10 million in including large mortgages on its property and buildingzs and debts to the Stateof Massachusetts, and subscriberd who paid in advancse for the 2009 season. Fellows said most of the theater’s 4,400 subscribers are unlikely to get theifrmoney returned.
Subscriptions cost upwardds of $350 per Theater executives are in discussionsx with senior creditors and are reviewing a liquidation to maximize the value ofthe theater’s assetsd for its stakeholders as well as identify potentia “friendly” buyers of the property who might considerr a lease back of the theater, Fellowx said.
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