Johannesburg – Ster-Kinekor’s business rescue plan has been approved by the group’s creditors and shareholders.
Investors Blantyre Capital, alongside Green Point Capital, will take over 100% of the company’s shares for a R250-million senior secured debt facility.
The buyout was approved by almost a 100% by creditors and shareholders.
Ster-Kinekor, which holds some 65% of the cinema market in South Africa, filed for business rescue in January last year.
Its business was decimated by the Covid-19 pandemic. It said that up until February 2020, the business was profitable and highly cash generative.
