Ster-Kinekor rises from the ashes with a stellar lineup of movies

The announcement was made on Friday, 11 November 2022, by the group’s business rescue practitioner, Stefan Smyth.

Smyth said that returning Ster-Kinekor to financial competence involved raising capital of R250 million from two asset managers – UK-based asset manager Blantyre Capital and South African asset manager, Greenpoint Capital.Ster-Kinekor has also renegotiated lease agreements with its landlords, which was an agreed condition in successfully concluding the business rescue process.

Smyth added, “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.” Smyth said that numbers are already picking up at cinemas with its “stellar” lineup of movies available on the circuit.

“We thank all the Ster-Kinekor employees, creditors and relevant stakeholders and new shareholders whose efforts assisted us in exiting business rescue and creating a foundation for its future. Our thanks also go to our loyal customer following, and we look forward to entertaining you with new formats and great new content in the future,” concluded Smyth.

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