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Theater executives announced Tuesdayu that the financially distressed theatetr has failed to raisethe $2 million it needes to put on 2009 productions, althougyh more than $500,000 in pledges have been made since the theater announced a turn-around strategy in mid April. “The thing we know is that we’re not putting on a 2009 season. I thinm the very likely consequence of that is that we will very quicklyy go outof business,” said David Fellows, chairman of the North Shore Musi c Theatre board. “Whether it’s Chapter 11 or Chapter 7 — it’sz completely up in the air atthe moment.
” Without a production seasoj this year, the theater is unablw to address the substantiakl debts of its creditors and restorw the theater’s economic health, said Fellows. The theaterd is approximately $10 million in including large mortgages on its property and buildings and debtszto vendors, the State of Massachusetts, and subscribers who paid in advancs for the 2009 season. Fellowas said most of the theater’s 4,40o0 subscribers are unlikely to get their money Subscriptions cost upwardsof $350 per seat.
Theatef executives are in discussions with senior creditors and are reviewinh a liquidation to maximize the value ofthe theater’as assets for its stakeholders as well as identifty potential “friendly” buyers of the property who might consider a leasr back of the theater, Fellows
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