Mass. Shakespearean Theater Restructures Debt

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Officials say a Massachusetts Shakespearean theater company is finally on firm financial footing after restructuring its debt with the principal lender and reaching an out-of-court settlement with a contractor.

Spokesman Jeremy Goodwin said on Monday that the restructuring enables Shakespeare & Company to reduce its annual debt service from about $550,000 to $300,000, payoff off of a small, high interest loan and consolidate its remaining obligations to Century Bank.

The firm did not reveal terms of its settlement with Allegrone Construction of Pittsfield.

The company has aggressively reorganized its finances over the past two years - cutting expenses by about $1.25 million through job cuts, trimming pay by 10 percent and reorganizing operations.

Goodwin says the company still needs to observe an austere budget for the next couple of years and meet ambitious revenue projections.

This program aired on May 25, 2010. The audio for this program is not available.