Prince Music Theater Files for Chapter 11; Sheriff's Sale on Hold

News   Prince Music Theater Files for Chapter 11; Sheriff's Sale on Hold
 
The planned Oct. 5 sheriff's sale of Prince Music Theater in Philadelphia was stayed by the company's filing for Chapter 11 bankruptcy protection, buying the organization a chance to regroup, the Philadelphia Inquirer reported.

The Prince owes Toronto's TD Bank $4.8 million. Bankruptcy protection allows time to refigure debt, keeps creditors at bay and halts legal action like the sheriff's sale.

Marjorie Samoff told the Inquirer that the company would continue to move ahead with its film, cabaret and theatre programming for 2010-11.

TD Bank had foreclosed on the property two years ago, and the sheriff's sale has now been thwarted at least twice.

According to the Inquirer, the theatre owners say that debt payment renegotiation had been secured with Commerce Bank, and that when TD acquired Commerce, the bank reneged on the earlier plan.

A spokesperson for the bank issued this statement: "TD Bank has been a long time supporter of the mission of the Prince Music Theater. We will continue to work through the legal process, now the bankruptcy court, on a resolution of this matter. Given the pending litigation, it would be inappropriate to comment further." The two-venue Prince on Chestnut in downtown Philadelphia has a mission of producing new musicals (and revivals) and cabaret shows in its 446-seat main-stage space and its 150-seat black box.

"We intend to pay," Samoff told the Inquirer. "We are committed to fulfilling our responsibilities to all of our partners."

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