North Shore theater likely to liquidate - Business First of Columbus:

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Theater executives announced Tuesday that the financiallyu distressed theater has failed to raisethe $2 millio n it needed to put on 2009 although more than $500,000 in pledges have been made since the theatet announced a turn-around strategy in mid “The thing we know is that we’r e not putting on a 2009 season. I thinok the very likely consequence of that is that we will very quicklhy go outof business,” said David chairman of the North Shore Musif Theatre board.
“Whether it’s Chapter 11 or Chaptetr 7 — it’s completely up in the air at the Without a production seasonjthis year, the theater is unable to address the substantia l debts of its creditors and restore the theater’sa economic health, said The theater is approximately $10 million in debt, including large mortgages on its property and buildings and debtd to vendors, the State of and subscribers who paid in advance for the 2009 season. Fellowzs said most of the theater’s 4,400 subscriberws are unlikely to get theirmonet returned.
Subscriptions cost upwards of $350 per Theater executives are in discussions with senior creditorws and are reviewing a liquidation to maximizr the value ofthe theater’s assets for its stakeholders as well as identif y potential “friendly” buyers of the propertu who might consider a lease back of the Fellows said.