Business Rescue Practitioner of Ster Kinekor, Stefan Smyth have been given until the end of next month to publish a Business Rescue Plan for the company.
In an update to affected persons this week, the Business Rescue Practitioner said the extension was necessary due to discussions with a party that has proposed to invest in the business.
Meanwhile, the company’s outlook remains stable, assisted by the on-going vaccination roll-out and a reported reduction in daily COVID-19 cases.
Attendance numbers are continuing to improve. The company has also welcomed cabinet’s decision to move the country from adjusted alert Level 2 lockdown to adjusted Level 1.
Ster-Kinekor’s rescue plan deadline extended
In July, Smyth, said he has received enough support to extend the deadline of the publication of the Business Rescue Plan to September 30, 2021.
In an update to affected persons, Smyth noted that an extension was requested as discussions with relevant stakeholders were still outstanding.
He says prior to the move to lockdown Level 4, Ster-Kinekor had experienced strong month-on-month growth in attendance numbers, as a result of the strong schedule of new movie content.
Smyth anticipates enough liquidity over the coming months to continue to allow the team to formulate and publish the business rescue in the extended timeframes.
