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.
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