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South African cinema group Ster-Kinekor exits 'business rescue' process

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South African cinema group Ster-Kinekor has exited a local form of bankruptcy protection called 'business rescue' after nearly two years, its administrator said on Friday.

A South African movie-lover buys refreshments at a maskeshift shop as he attends a drive-in cinema at the rooftop, where a giant projector screen is mounted by Ster-Kinekor, South Africa's largest cinema group in Sandton, South Africa, June 24, 2021. Picture taken June 24, 2021. REUTERS/ Siphiwe Sibeko

Ster-Kinekor was placed under administration in January 2021, citing losses and financial distress due to COVID-19 and related restrictions forcing closures and prohibiting large gatherings in public spaces. Its business rescue practitioner, Stefan Smyth, said in a statement the rescue process, which returns the company to solvency, involved raising capital of 250 million rand from UK based asset manager, Blantyre Capital and from South African asset manager Greenpoint Capital.

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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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Ster-Kinekor exits business rescueCinema chain sterkinekor has successfully exited the business rescue process and has returned to solvency. Moneyweb BusinessNews NDL_ndumeey sterkinekor NDL_ndumeey Fantastic news, they went through a tough time but pulled through 👌🏻 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...
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