AUSTIN, Texas – In keeping with a report by Selection Austin-based Alamo Drafthouse Cinema on Wednesday morning filed for Chapter 11 chapter safety, is on sale and can shut down some underperforming websites.
In keeping with this report, chapter is a situation of the sale to Altamont Capital Companions, a former investor within the chain, in addition to subsidiaries of Fortress Funding Group.
The transaction, the report says, includes “the sale of considerably all of its property.”
Selection says the corporate says theaters will proceed to function usually for now and that chapter will permit it to earn the capital it must proceed working because the COVID-19 pandemic exits.
A number of theaters have been closed over the previous 12 months. Some stay closed and others are open a number of days per week.
Alamo Drafthouse founder Tim League, in accordance with the report, will stay with the corporate and is a part of the group of lenders shopping for the chain’s property.
Along with shutting down some websites, the report says, Alamo Drafthosue will restructure its rental obligations. The corporate is asking for 75 days for the transaction course of and a $ 20 million credit score to the debtor in possession.
There are presently 41 Alamo Drafthouse areas throughout the USA. Along with the 21 situated in Texas, there are theaters in New York, Colorado, Arizona, Missouri, Nebraska, California, Virginia, Minnesota, and North Carolina.
There was no speedy info on the areas that can be closed.