South African cinema group Ster-Kinekor exits ‘business rescue’ process

JOHANNESBURG, Nov 11 (Reuters) – South African cinema group Ster-Kinekor has exited a local form of bankruptcy protection called “business rescue” after nearly two years, its administrator said on Friday. Ster-Kinekor was placed under administration in January 2021, citing losses and financial distress due to COVID-19 and related restrictions forcing closures and prohibiting large gatherings in public spaces. Meanwhile, studios either postponed blockbusters or released them directly on home streaming platforms, denting box office earnings. Its business rescue practitioner, Stefan Smyth, said in a statement the rescue process, which returns…

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Cineworld reaches bankruptcy settlement with landlords, lenders

Movie theatre chain Cineworld Group on Monday announced a bankruptcy settlement with its landlords and lenders, clearing the way for the company to borrow an additional $150 million and make a $1 billion debt repayment. Landlords and junior creditors dropped their opposition to the billion-dollar debt repayment after Cineworld agreed to pay at least $20 million in rent that will accrue after Sept. 30. Britain’s Cineworld, which filed for bankruptcy protection in Texas in September with less than $4 million in cash on hand, previously did not intend to make any post-September…

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