An auction for the assets of bankrupt movie chain Alamo Drafthouse was canceled Monday as bidders didn’t materialize, a person close to the company confirmed.The Austin, Texas-based, dine-in movie theater chain filed for voluntary Chapter 11 in Delaware Court in early March and agreed to sell basically all its assets to an investor group including Altamont Capital Partners, Fortress Investment Group and one of its founders Tim League.
Without other buyers on the horizon, they’ll retain control and, the chain hopes, provide much-needed financing to stabilize the business.The exhibitor, which buckled under the impact of Covid-19, has closed three locations after filing, the Ritz, Kansas City and New Braunfels.
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