Ster-Kinekor exits business rescue

Cinema chain Ster-Kinekor has successfully exited the business rescue process and has returned to solvency. This was confirmed by the group’s business rescue practitioner Stefan Smyth on Friday morning. The announcement, which is likely to be welcomed by cinema goers and landlords, comes after the company voluntarily entered business rescue on 26 January 2021 after it was impacted by the Covid-19 pandemic and the subsequent hard lockdown.

Trade creditors will further benefit from on-going trading with the company,” he adds. Ster-Kinekor says its creditors will assist in maintaining and further developing its “market leading position” moving forward. Smyth points out that cinema attendance continues to improve with the “stellar performance” of Top Gun: Maverick.

sterkinekor NDL_ndumeey Loved going to movies but the picture quality is so poor on many of their cinemas I wondered what the hell I was paying R100 for? So I stopped going...

sterkinekor NDL_ndumeey Fantastic news, they went through a tough time but pulled through 👌🏻

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Ster Kinekor raises R250 million and exits business rescueSter Kinekor has announced that it successfully concluded its business rescue. It must be nice raising R200m 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 KwazaUnathi How on earth are they going to recoup that money? Those investors must be quite interesting.
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