Alamo Drafthouse Files for Chapter 11, Movie Theater Chain Sells Assets to Altamont and Fortress
Two Texas theaters and one in Kansas City will be closed, development in Orlando “permanently ceased”Tony Maglio and Brian Welk | March 3, 2021 @ 6:50 AM Last Updated: March 3, 2021 @ 7:39 AM
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Alamo Drafthouse on Wednesday filed for Chapter 11 and sold all of its assets to its senior leadership group, including Altamont Capital Partners and funds managed by affiliates of Fortress Investment Group. Alamo founder and executive chairman Tim League and other original investors are also among the buyers.
The restructuring arrangement and bankruptcy, which was filed in Delaware bankruptcy court, will give Alamo incremental financing to help it operate through the pandemic, just as theaters in New York City are primed to open at limited capacity. According to the filing, Alamo’s estimated assets are between $100 million and $500 million, as well as its estimated li
Alamo Drafthouse files for bankruptcy, will close some locations permanently
Alamo Drafthouse Cinema began in 1997 as a single-screen mom and pop repertory theater based out of Austin. Author: Doug Delony Updated: 10:27 AM CST March 3, 2021
HOUSTON Austin-based Alamo Drafthouse Cinema has filed for Chapter 11 bankruptcy, the company confirmed Wednesday morning.
Note: the video in this story is from August 2020 and reports on movie theaters reopening during the pandemic
Alamo Drafthouse said the move will provide the company with much-needed incremental financing to stabilize the business during the pandemic.
The industry, like many others – has experienced an unprecedented financial impact due to the coronavirus pandemic.