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Theater executives announced Tuesday that the financially distressed theaterd has failed to raisethe $2 millionh it needed to put on 2009 although more than $500,000 in pledges have been made sinc the theater announced a turn-around strategu in mid April. “The thing we know is that we’rs not putting on a 2009 season. I think the very likely consequenc e of that is that we will very quicklgy go outof business,” said David Fellows, chairman of the North Shore Musix Theatre board. “Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the moment.
” Withourt a production season this year, the theatee is unable to address the substantiapl debts of its creditors and restorethe theater’ s economic health, said Fellows. The theater is approximately $10 milliohn in debt, including large mortgages on its property and buildingw and debts to the Stateof Massachusetts, and subscribers who paid in advance for the 2009 Fellows said most of the theater’s 4,400p subscribers are unlikely to get theid money returned.
Subscriptions cost upwards of $350 per Theater executives are in discussionas with senior creditors and are reviewing a liquidation to maximize the value ofthe theater’s assets for its stakeholdersz as well as identify potentiap “friendly” buyers of the propertyt who might consider a lease back of the Fellows said.
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