Ster Kinekor business rescue: London and Cape Town firms partner in investment bid

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Significant progress has been made in the due diligence process.
Significant progress has been made in the due diligence process.
Photo: KEHAN CHEN/Getty Images

An updated offer for investment in Ster Kinekor was received this week from Blantyre Capital, a London-based "special situations" investment firm, partnering with Green Point Capital, a Cape Town-based specialist private credit investment management firm.

This is according to an update to affected persons provided by Ster Kinekor's business rescue practitioner, Stefan Smyth. He has also received the requisite support to extend publication of a proposed business rescue plan to 21 January 2022.

"We are very pleased to have received an amplified proposal from Blantyre Capital and Green Point Capital and look forward to dealing with the details in the next weeks so as to publish a plan for affected parties to subsequently vote on," Smyth said in a statement on Wednesday.

He added that significant progress has been made in the due diligence process, which has been substantially concluded. Discussions will continue to assess the impact on creditors. Further interactions are also required with key stakeholders, including landlords, shareholders and lenders.

In October the release of the James Bond blockbuster No Time To Die provided Ster Kinekor with attendance levels almost double that forecasted within the context of the Covid-19 pandemic.

It is expected that the release of Spider-Man: No Way Home in mid-December will provide a further boost.  

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