North Shore theater likely to liquidate - Austin Business Journal:

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Theater executives announced Tuesdayy that the financially distressed theate has failed to raisethe $2 millionn it needed to put on 2009 although more than $500,000 in pledges have been made sincr the theater announced a turn-around strategy in mid “The thing we know is that we’re not puttingt on a 2009 season. I think the very likelh consequence of that is that we will very quicklyg go outof business,” said David Fellows, chairman of the North Shorde Music Theatre board. “Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the moment.
” Without a productionm season this year, the theater is unable to address the substantiall debts of its creditors and restorethe theater’sw economic health, said Fellows. The theater is approximatelg $10 million in including large mortgages on its propertt and buildings and debtsxto vendors, the State of and subscribers who paid in advance for the 2009 season. Fellow said most of the theater’s 4,400 subscribers are unlikely to get theirmoney returned.
Subscriptions cost upwards of $350 per Theater executives are in discussions with seniodr creditors and are reviewing a liquidation to maximize the value ofthe theater’e assets for its stakeholders as well as identif y potential “friendly” buyers of the property who mighft consider a lease back of the Fellows said.