Ster Kinekor raises R250 million and exits business rescue

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Ster Kinekor has announced that it successfully concluded its business rescue.

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.

 

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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

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