Austin-based Alamo Drafthouse Cinemas Holdings, the dine-in theater chain that offers films along with food, beer and a strict movie-watching etiquette,.
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Staying dark: Alamo Drafthouse filed for Chapter 11 bankruptcy protection, and announced that as part of the proposed agreement its downtown Austin location, the Alamo Ritz, will close permanently. (Photo by John Anderson)
A huge blow and a potential for hope for fans of the Alamo Drafthouse this morning: The Austin-based cinema chain filed a voluntary chapter 11 filing with the United States Bankruptcy Court for the District of Delaware, and will be closing multiple locations, including the beloved Ritz in Austin.
Sources close to the Drafthouse had suggested in recent months that the firm was looking to restructure its debt, and in the filing the Alamo Drafthouse LLC told the court that it had entered into an asset purchase agreement with Altamont Capital Partners (with whom they already have a long-standing relationship), funds managed by affiliates of Fortress Investment Group LLC, and founder/executive chairman Tim League.
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