Ster Kinekor business rescue ponders potential investor interest
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Business Rescue Practitioner Stefan Smyth says he had received support to extend the deadline for the publication of the Business Rescue Plan for Ster Kinekor to November 30, due to discussions underway with a potential investor.
Smyth said the extension was necessary due to an interested party who had tendered an indicative term sheet outlining their proposed investment, but would require time to complete due diligence.
Meanwhile, the outlook for the company remained stable, assisted by the vaccination rollout and a reported reduction in daily Covid-19 cases, Smyth said. Attendance numbers were improving month to month and the move to lockdown level 1 by President Ramaphosa was welcomed, he said.
The recovery trajectory is expected towards the end of this year and was supported by a strong ‘slate’ of film content. He said Ster Kinekor was considered to be in a good position to capitalise on the rollout of new awaited and confirmed content, much of which was delayed content from last year and earlier this year. -
BUSINESS REPORT ONLINE