Ster Kinekor has exited business rescue after receiving a R250 million parachute from two investment firms.
In a statement on Friday, Ster Kinekor and the business rescue practitioner announced that all regulatory requirements for the transaction were fulfilled.Ster Kinekor has renegotiated lease agreements with the landlords — a material condition precedent for the conclusion of the transaction. “Not only does this investment give the business a solid foundation on which to build its future, it has also meant that some 800 jobs have been retained and a dividend has been paid to creditors as proposed in the accepted plan.”He said creditors include strategic international partners vital to Ster Kinekor’s market-leading position, who will help it maintain and further develop the next chapter of the company.
“[It] is expected to continue to improve yet further into the holiday season with eagerly awaited additional films being released likeSmyth also said the new V&A 13-screen cinema in Cape Town is performing well since its launch during business rescue.
KwazaUnathi How on earth are they going to recoup that money? Those investors must be quite interesting.
Prices are so high, and theatres are empty...screening for a limited number of individuals Make the price reasonable and fill the theatres and get more repeat customers as a result of better value for money
It must be nice raising R200m