Return of the Alamo: How the iconic theater chain emerged from bankruptcy – KXAN.com

by: Paul Thompson/Austin Business Journal

AUSTIN (Austin Business Journal) Last December marked an all-time low for Alamo Drafthouse Cinema LLC.

Revenue was essentially nonexistent as the COVID-19 pandemic rushed into another devastating surge. Despite the companys best efforts, executives looked toward the new year and realized they wouldnt have the funds to make payroll.

We had done our absolute best to make the limited amount of money we had in the bank last, said Alamo Drafthouse founderTim League, now executive chairman of the company he started with wifeKarrie Leaguein 1997.

What we had to do between December and March is we had to reduce our debt, negotiate with the bank, negotiate with landlords, he added. If we were able to hit this benchmark, then we would not go into bankruptcy. And we didnt hit it.

The result: aMarch Chapter 11 bankruptcy filingand a plan to sell substantially all of its assets to a lender group led by Altamont Capital Partners, Fortress Investment Group andTim League.

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Return of the Alamo: How the iconic theater chain emerged from bankruptcy - KXAN.com