According to the court records, League bought 2.7% of the debt. Tim League, the founder of Alamo Drafthouse, and Dave Kennedy, a longtime co-owner and board member, remain involved as minority partners with Altamont and Fortress. So instead, Altamont Capital - holder of 40% of the companyвЂ™s equity - brought in Fortress Investment Group to help buy the debt from the banks. Even now, with government restrictions largely lifted around the country, only six of the 18 company-owned locations are open, and business there is only around 20% of capacity.ДЄlamo Drafthouse sought to renegotiate its debt with Bank of America and the other banks, but found they could not reach a deal that would provide the capital needed to keep operating. According to Vonderahe, it entered 2020 in a strong liquidity position.Д«ut the pandemic took its toll. The company is a leader in the dine-in theater trend, and had a fairly good year in 2019, outpacing the exhibition industry by 5%. вЂњBy the end of 2020, it became clear to the Debtors that they needed immediate relief from their overwhelming debt burden, as operational fixes were not enough to overcome the impact of COVID-19 and industry headwinds,вЂќ wrote Matthew Vonderahe, the companyвЂ™s chief financial officer.ДЄlamo Drafthouse had borrowed the $105 million from Bank of America and several other banks in June 2018.

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