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Theater executives announced Tuesdah that the financially distressed theater has failex to raisethe $2 million it needecd to put on 2009 productions, although more than $500,00p in pledges have been made since the theater announced a turn-around strategy in mid April. “Th e thing we know is that we’rwe not putting on a 2009 I think the very likely consequence of that is that we will very quicklyu go outof business,” said David chairman of the North Shore Music Theatre “Whether it’s Chapter 11 or Chapter 7 — it’sw completely up in the air at the Without a production season this year, the theater is unable to addresxs the substantial debts of its creditors and restor the theater’s economic said Fellows.
The theater is approximatelu $10 million in debt, including large mortgagew on its property and buildings and debts to vendors, the State of and subscribers who paid in advance for the 2009 Fellows said most of the theater’s 4,40p subscribers are unlikely to get their money Subscriptions cost upwards of $350 per Theater executives are in discussions with seniodr creditors and are reviewingv a liquidation to maximize the valu of the theater’s assets for its stakeholders as well as identifyg potential “friendly” buyers of the propertyu who might consider a leasee back of the theater, Fellows said.
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