SA-based Ster Kinekor rescue plan receives updated offer by business rescue partners

London-based special situations investment firm Blantyre Capital, in partnership with Green point Capital, a Cape Town-based specialist private credit investment management firm, have tabled an updated offer to the Ster Kinekor business rescue practitioners.

Business rescue practitioners Stefan Smyth told affected people in a letter yesterday that the non-binding offer was received last Friday and came as significant progress had been made in the due diligence process, which has been substantially concluded.

Smyth also said he received support from affected people to extend the deadline to January21, 2022, and aimed to publish the business rescue plan on or before January 21 after taking comfort in its commercial viability and the ability of the deal being implemented.

“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,” said Smyth.

Smyth added that the business rescue team was evaluating and negotiating the offer to verify whether the offer was able to be implemented and proceedings to elicit a binding offer.

“The above evaluation includes engagements with the interested party to unpack key parameters and the transaction structure of the updated offer, including the allocation of funds/purchase price considerations,” he said.

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