Texas-based cinema chain Alamo Drafthouse is the latest theater group to file for Chapter 11 bankruptcy protection.
The filing comes as part of an asset purchase agreement with Altamont Capital Partners and affiliates of Fortress Investment Group. Operations will continue normally as Alamo Drafthouse goes through the Chapter 11 process, which will give it the capital it needs to survive the ongoing coronavirus pandemic.
As part of the bankruptcy, Alamo Drafthouse, which runs around 40 locations around the U.S., will close down a few underperforming locations and restructure its lease payments.
Many movie theater chains have renegotiated deals with lenders and landlords over the last 12 months, trying to find creative ways to generate revenue. In its bankruptcy filing, Alamo Drafthouse can restructure its finances and set itself up for future success.
In the last year, cinemas have been hit particularly hard as major blockbusters were pushed from the release calendar and local government guidelines restricted audience capacity. However, as more vaccines are delivered and states loosen restrictions, there's a chance that movie theaters could see a boom this summer.
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March 03, 2021 at 09:16PM
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Alamo Drafthouse files for Chapter 11 bankruptcy, to sell assets to Altamont Capital, Fortress Investment - CNBC
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