Pandemic puts Ster-Kinekor in business rescue
Ster-Kinekor Theatres, SA’s largest cinema chain, has entered business rescue, notes a Moneyweb report.
In a statement, it said its board decided to enter ‘voluntary business rescue proceedings with effect from 27 January 2021’.
Stefan Smyth, a partner at EY, has been appointed as the business rescue practitioner.
The group’s cinemas will remain open as the company reorganises itself.
The group, which runs 55 movie complexes with more than 400 screens and 64 000 seats, was a profitable business until the Covid-19 crisis started early last year.
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Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
