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Ster-Kinekor escapes liquidation, thanks to investment

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Ster-Kinekor escapes liquidation, thanks to investment - The R250 million transaction involved dealing with the cinema group’s debt, as well as the purchase of 100% of its shares by UK and local firms

for the rescue transaction, which resulted in inevitable delays. The business rescue was also delayed by negotiations with about 20 landlords involved.

The main transaction, of R250 million, involved the refinancing and restructuring of Ster-Kinekor’s debt, as well as the purchase of 100% of its shares by UK asset managers Blantyre Capital Limited and South Africa-based Greenpoint Specialised Lending.

 

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COMPANIES: Ster-Kinekor pulls off mission impossible by successfully exiting business rescueThe cinema group’s fortunes are on the rise as investors, blockbuster movies and higher audience numbers help pull it out of a financial funk.
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