Alamo Drafthouse has emerged from the Chapter 11 bankruptcy filing that was announced in March.
The Texas-based company, like many theater chains, was struggling to recover from closures related to the COVID-19 pandemic.
It has now completed a sale to Altamont Capital Partners, funds managed by affiliates of Fortress Investment Group LLC and Alamo Drafthouse founder Tim League.
At the same time, the company announced plans to open five new theaters – with locations in Manhattan, Staten Island, St. Louis and two in Washington D.C. – to open in 2021 and 2022.
They will compensate for the few underperforming venues Alamo had to close down as part of its bankruptcy filing. They currently have nearly 40 locations in total.
The news comes as leading cinema chain AMC has announced it is raising $230.5 million to purchase additional cinema leases and grow the consumer appeal of its existing properties.
Source: THR