North Shore theater likely to liquidate - Houston Business Journal:

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Theater executives announced Tuesday that the financially distresses theater has failed to raisethe $2 milliohn it needed to put on 2009 although more than $500,000 in pledges have been made sinc the theater announced a turn-around strategt in mid April. “The thing we know is that we’re not puttinv on a 2009 season. I think the very likelhy consequence of that is that we will very quicklh go outof business,” said Davis Fellows, chairman of the North Shore Musicc Theatre board.
“Whether it’s Chapter 11 or Chapter 7 it’s completely up in the air at the Without a production seasonthis year, the theater is unablw to address the substantial debts of its creditors and restored the theater’s economic health, said The theater is approximately $10 million in including large mortgages on its propertt and buildings and debtsa to vendors, the Statw of Massachusetts, and subscribers who paid in advanced for the 2009 Fellows said most of the theater’sa 4,400 subscribers are unlikely to get theie money returned. Subscriptions cost upwarde of $350 per seat.
Theater executiveds are in discussions with senior creditors and are reviewing a liquidation to maximize the value ofthe theater’ss assets for its stakeholders as well as identifhy potential “friendly” buyers of the property who mightg consider a lease back of the theater, Fellows