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In the wake of Livent Inc.'s Chapter 11 bankruptcy filing, the Toronto-based live entertainment powerhouse could easily be forced to sell its biggest assets, including the lease to its newly refurbished Ford Center for the Performing Arts on 42nd Street and Ragtime, the popular show it currently houses there.
But because Broadway is the strongest it has been since the 1920s, potential suitors are already lining up for both properties.
"Particularly now, when there is so much interest in Broadway, the real estate is a very valuable commodity," says Jed Bernstein, executive director of the League of American Theatres and Producers. "Does Livent's financial situation mean there will be an end to corporate interest in Broadway or an end to big musical productions? Absolutely not. There's a strong market for these products."
Livent's own survival does not look promising. The public company's woes first came to light in August, when it announced significant financial irregularities and trading in the stock was suspended. The company's founder, Garth Drabinsky, was accused of fraud and later fired.
When Livent filed for bankruptcy protection on Nov....