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. Related Story TCL Chinese Theatre Reopening In Time For ‘Godzilla Vs. Kong’ – Updated L.A. Exhibition Rundown 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 capacity across the country and a meager offering of films as studios postponed releases. The move comes as a vaccine rollout holds out hope for a turnaround and key markets, like… Read full this story
- Coinbase IPO Launch on Wednesday Confirms Crypto's Arrival as Asset Class
- VIETNAM BUSINESS NEWS APRIL 22
- HBO And HBO Max Add 2.7M Subscribers In Q1, AT&T Reports As It Beats Wall Street Earnings Expectations
- Diversity Of Film Casts “Skyrocketed” In 2020: UCLA Film Report
- Bitcoin Flash Crash Due to 'Market Overreaction' to 'Non-issue,' Analyst Says
Alamo Drafthouse Movie Chain Files For Chapter 11, Selling Assets To Investor Group, Closing Three Theaters have 255 words, post on deadline.com at March 3, 2021. This is cached page on Movie Breaking News. If you want remove this page, please contact us.