Beloved movie chain Alamo Drafthouse Cinema has filed for bankruptcy after a tough year for the film industry left theaters closed for months.
The filing comes as part of an asset purchase agreement with Altamon Capitol Partners and Fortress Investment Group, which is the financial backer of Gannett, the parent company of the Austin-American Statesman.
The transaction is expected to provide Alamo Drafthouse with much-needed financing to help stabilize the business during the pandemic, which has had a large impact on the movie industry. The locally-headquartered theater has said that operations will remain normal, but some locations are closing down including Austin's downtown Ritz location.
Alamo Drafthouse, founded in 1997 in Austin, has over 40 locations nationwide and like most indoor movie theaters, has faced challenges since the pandemic. Over the last year, the business has seen temporary closures across the nation, debt, expenses and employee layoffs.
Alamo Drafthouse is requesting the bankruptcy court to approve a 75-day timeline for the transaction as well as the $20 million debtor-in-possession credit facility led by Altamont Capital Partners and Fortress Investment Group.
Although the company has faced challenges following its most successful year in 2019, the movie business, like most others, is expected to rebound with the transition of more administered vaccines and a slower spread of COVID-19.
Show your love for Tito's and for the community this year with a wide selection of not that ugly, uglyish, ugly, uglier, and ugliest holiday sweaters.
There's lots choose from, and plenty of accessories like scarves and socks, plus gear for your dog, too.
All of the items can be purchased online or at the Love, Tito’s Retail Store in Austin, TX. 100% of all net proceeds from online or in-store purchases go to one of the nonprofits we’ve teamed up with.
🗓 All weekend
Check out this highly anticipated art exhibition with illuminated art along Waller Creek. Tickets are free and the event includes food vendors, dazzling lights, live music, and hands-on activities
All weekend 6 p.m - 10 p.m | 📍Waterloo Park
This iconic holiday tradition lights up for the first time this holiday season starting this weekend! Reserve your spot for an enchanting light and sound performance, delicious hot cocoa, sweet treats, and some overall fun with your friends or family. The show runs till January 6th.
6 p.m and 9 p.m | 📍Mozart's Coffee Roasters - 3825 Lake Austin Blvd, Austin, TX 78703
This fitness event is free and open to the public. Get your morning started right with a "Fitness in the park" class for kickboxing! The class will be led by certified instructors and is a great way to get a cardio workout in while also honing your self-defense skills.
10 a.m - 11 a.m | 📍 Metz Park
Support local LBGTQ+ and female artists at this outdoor market with over 150 vendors. Get your holiday shopping out of the way at this event, with vendors for food trucks, handmade goods, raffles, hands on workshops and activities, and more.
Did someone say cheese?! If you're like me and always willing to get your hands on a bowl of mac and cheese, then this event is for you. Check out the Mac and Cheese festival happening this weekend to decide which vendor has. the best mac and cheese for yourself, and enjoy the bar with creative cocktails while you're at it. Tickets start at $45.
11 a.m - 3 p.m | 📍Lantana Place - 7415 Southwest Parkway