city Altamont: Last News

Gene Maddaus Senior Media WriterA bankruptcy auction for the Alamo Drafthouse theater chain has been canceled, after no rival bids were received for the company.The cancelation clears the way for Fortress Investment Group and Altamont Capital to take control of the company, in a deal that also includes Alamo Drafthouse co-founder Tim League.Alamo Drafthouse Cinema filed for bankruptcy on March 3, among a wave of theater chains that have gone under due to the pandemic. Studio Movie Grill and Cinemex have also declared bankruptcy, and earlier this month Pacific Theatres, which owns Arclight Theatres, announced that it would not reopen.Alamo Drafthouse went bankrupt after being unable to renegotiate $105 million in debt.

Alamo Drafthouse, the independent theater chain known for its thematic screenings, fan-focused atmosphere and in-cinema food and drink options, is filing for Chapter 11 bankruptcy protection, according to a filing in Delaware Bankuptcy Court. As part of the deal, Alamo is entering into a restructuring agreement, in which it will sell assets to affiliates of Altamont Capital and Fortress Investment Group.

Brent Lang Executive Editor of Film and MediaAlamo Drafthouse Cinema, the Texas-based theater chain that has become a favorite with cinephiles for it dine-in service and fan-forward approach to exhibition, has filed for Chapter 11. The bankruptcy filing comes as part of an asset purchase agreement with Altamont Capital Partners, a previous investor in the company, as well as affiliates of Fortress Investment Group, a new backer.