A statement from the New Jersey-based theatre says that the new plan, once implemented, "should revitalize Paper Mill and create an exciting and innovative long-term business model that will ensure a dynamic future for the theatre, and preserve an important cultural, business and esthetic asset of the township. The success of our efforts will require ongoing philanthropic support."

Ken Thorn, chairman of the 70-year-old Playhouse's Board of Trustees, said in a statement, "It is the tremendous outpouring of financial commitments, structured financial thinking, including a surge in ticket sales, partnership with the town and grass roots support and planning that will bring more stability to the theatre."

The four-part plan follows:

"Funding from Investors Savings Bank, that has expressed a willingness to extend a 'significant' loan to aid in the financial restructuring of the Playhouse.

"The Board of Trustees and other business leaders have stepped forward to offer increased support and help identify and recruit guarantors for the loan. "Millburn township officials are taking steps to enable the township to financially participate in and support the preservation of the theatre, which, they said, is a critical economic asset to downtown businesses.

"The planned administrative reorganization of the Playhouse that will incorporate a sound longer-term business and financing plan."

With this new plan, the Playhouse "should be able to" complete its season with Pirates!, an adaptation of Gilbert and Sullivan's The Pirates of Penzance. Conceived by Gordon Greenberg, Nell Benjamin and John McDaniel, the production will run June 7-July 8.

Pirates! will play Wednesdays at 7:30 PM, Thursdays at 2 PM & 7:30 PM, Fridays at 8 PM, Saturdays at 2 PM & 8 PM and Sundays at 2 PM & 7 PM. Tickets, priced $19-$68, are available by calling (973) 376-4343 or by visiting www.papermill.org.