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Alamo Drafthouse Cinemas

The firm represented the creditors' committee in the chapter 11 bankruptcy of Alamo Drafthouse Cinemas, the nation’s largest privately owned theater chain. After struggling to recover from closures related to the COVID-19 pandemic, the Texas-based chain filed for bankruptcy protection in March 2021 with plans to sell its assets. On April 1, a final $60m DIP plan was approved for Alamo, with new loan provisions to protect the unsecured creditor group being a $1,000,000 boost to a winddown budget for the case, as well as an assurance that the committee would have rights to pursue suits to claw back or avoid some Alamo expenses incurred just prior to the bankruptcy. The debtor successfully emerged from chapter 11 in June 2021, with plans to open five new theaters.