Alamo Drafthouse files for Chapter 11 bankruptcy, announces deal to sell assets, reports say

Courtesy: Alamo Drafthouse Cinema
Courtesy: Alamo Drafthouse Cinema

They say all good things must come to an end, but we are hoping this theater franchise can withstand the harsh effects of the pandemic.

Alamo Drafthouse, the theater chain known for its food and drink servicing options while guests enjoy a good film, is filing for Chapter 11 bankruptcy protection, according to The Hollywood Reporter.

According to The Hollywood Reporter, the theater franchise is entering into a “restructuring agreement” and plans to sell assets to Altamont Capital and Fortress Investment Group.

Tim League, a founder of Alamo Drafthouse and its executive chairman, will also be among the buyers, The Hollywood Reporter said. The deal will hopefully allow the theaters to survive beyond the pandemic.

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