Alamo Drafthouse Gets OK To Tap $7M In DIP Funds

Law360 (March 4, 2021, 6:59 PM EST) -- Bankrupt movie theater chain Alamo Drafthouse Cinemas on Thursday got permission from a Delaware bankruptcy court judge to tap into the first $7 million of its Chapter 11 financing as it starts on the road to an asset sale it plans to close in May.

At a virtual hearing for Alamo's first-day motions, U.S. Bankruptcy Judge Mary Walrath approved Alamo's preliminary debtor-in-possession financing order that the company said it will need to keep the lights on as it works toward a sale to a pair of investment firms.

Austin-based Alamo, the largest privately owned theater chain in the country, filed for...

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