Deadline for Ster Kinekor rescue plan extended

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Attendance levels are projected to recover towards the end of this financial year.
Attendance levels are projected to recover towards the end of this financial year.

The deadline for the publication of a business rescue plan for Ster Kinekor has been moved to 30 September, its business rescue practitioner Stefan Smyth announced on Friday evening.

In an update to affected persons, Smyth noted that an extension was requested as discussions with relevant stakeholders were still outstanding.

"We have made good progress with all of the required discussions and negotiations and are grateful to our partners and suppliers for their proactive engagement and support. We have advanced our landlord discussions, received further positive feedback both from interested parties and existing shareholders, re-forecast the next three financial years and implemented numerous liquidity enhancement initiatives to ensure cash conservation and repositioned onerous contracts," he said.

"Some of our initiatives have, however, been somewhat delayed due to lockdown level 4, which also prevented all cinemas from trading for the whole month of July but we are glad to be reopening now in August." 

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, albeit off a depressed base.    Attendance levels are projected to recover towards the end of this financial year, supported by the increasing pace of the vaccination rollout which is anticipated to increase public confidence as well as the anticipated release of major new blockbusters. 

With the adjustment to lock down level 3, Ster Kinekor opened 19 venues on Tuesday and opened the remaining 33 venues on Friday. All covid-19 protocols are being strictly adhered to.  

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