Alamo Drafthouse Movie Chain Files For Chapter 11, Selling Assets To Investor Group, Closing Three Theaters
Austin, Texas-based, dine-in movie theater chain Alamo Drafthouse Cinema has filed for voluntary Chapter 11 in Delaware Court and agreed to sell basically all its assets to an investor group including one of its founders Tim League.
The exhibitor, which buckled under the impact of Covid-19, has 37 theaters including locations in LA, Brooklyn and northern Virginia. It’s backed by Altamont Capital. The sale is to Altamont, funds managed by affiliates of Fortress Investment, League and other original investors. The transaction will provide much-needed financing to stabilize the business.
The first Alamo Drafthouse Cinema was founded in 1997 as a single-screen mom and pop repertory theater in Austin. In May, the Phoenix-based franchises of Alamo Drafthouse in Tempe, Gilbert and Chandler filed for bankruptcy.
The parent company bankruptcy makes it one of the highest-profile casualties of the pandemic that shuttered theaters a year ago. Cinemas has seen sporadic reopening often at limited...
The exhibitor, which buckled under the impact of Covid-19, has 37 theaters including locations in LA, Brooklyn and northern Virginia. It’s backed by Altamont Capital. The sale is to Altamont, funds managed by affiliates of Fortress Investment, League and other original investors. The transaction will provide much-needed financing to stabilize the business.
The first Alamo Drafthouse Cinema was founded in 1997 as a single-screen mom and pop repertory theater in Austin. In May, the Phoenix-based franchises of Alamo Drafthouse in Tempe, Gilbert and Chandler filed for bankruptcy.
The parent company bankruptcy makes it one of the highest-profile casualties of the pandemic that shuttered theaters a year ago. Cinemas has seen sporadic reopening often at limited...
- 3/3/2021
- by Jill Goldsmith
- Deadline Film + TV
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