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Alamo Drafthouse Closes Austin s Ritz Theater, Files for Bankruptcy
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Alamo Drafthouse theater chain files for Chapter 11 amid pandemic woes
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Alamo Drafthouse theater chain files for Chapter 11 bankruptcy amid pandemic woes
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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.
As pandemic shutdowns continue to disrupt the movie exhibition industry, Alamo Drafthouse just announced that it has filed for bankruptcy and Chapter 11 protections in Delaware. The arthouse chain plans to restructure the organization and sell its assets to its senior lender group, which includes Altamont Capital Partners, funds managed by Fortress Investment Group LLC, founder Tim League, and other original investors, according to a statement from the company.
The moves are designed to help the business make it through COVID-19 closures until it can resume its long-term growth trajectory that was disrupted over the past year, according to the statement.