Struggling theater gets $3.5M loan |
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Thu, 31 May 2007 23:03
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MILLBURN, N.J. (AP) - The Paper Mill Playhouse, a struggling nonprofit theater has finalized a $3.5 million loan its leader hopes will aid its recovery.Ken Thorn, chairman of the theater's board of trustees, said the loan will provide financial relief but is not a cure.'Continued community support will be needed to ensure the success of Paper Mill,' Thorn said Thursday.The loan will be used to retire an existing loan and pay vendors, said Thorn, who declined to disclose specific amounts. The new loan is backed by two businessmen who want to remain anonymous, he said.He said the theater is working on a long-term financial arrangement with Millburn, where it is based in Essex County.Theater spokesman Shayne Miller said that may involve the township buying the land under the theater and leasing it back at a low rate.The lender, Investors Savings Bank, is also based in Millburn.The 69-year-old theater was designated as the 'Official State Theater of New Jersey' by Gov. William Cahill in 1972. Over the years, it has hosted performances by such stars as Carol Channing, Liza Minnelli and Bernadette Peters.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Paper Mill Theater rescued 