When the release of the James Bond film No Time to Die was delayed for more than a year, it was a minor casualty to most but for the film industry, it was a particularly dark portent. Some people have gone so far as to call it James Bond’s not-so-secret mission to save cinema!
Saving cinemas in SA
It is reported that since the film’s highly-anticipated release, and increasingly more fan-favourite movies coming soon, it has provided Ster Kinekor with attendance levels almost double that forecasted within the context of the COVID-19 pandemic, the entertainment company’s rescue practitioner Stefan Smyth said in a statement on Friday, 29 October.
According to News24, hopes are also pinned on other releases, including Marvel’s Venom: Let There be Carnage; Dune; The Eternals (5 November) and Spider-Man: No way Home (17 December).
Business Rescue – Ster Kinekor
The Mail & Guardian reports that one of South Africa’s cinema chains, Ster-Kinekor, had no choice but to enter into business rescue at the beginning of 2021. The group “endured a torrid time in the pandemic” after it was forcefully closed for five months. The group also had to operate under strict hygienic and social distancing protocols in the time since. Most have offered limited screening times and seating and have largely scrapped evening shows.
However, a new deal could be completed within the next two weeks and, at the same time, other potential interested parties are being assessed with the aim of enabling the company to get out of business rescue.
Smyth hopes to publish a rescue plan as soon as possible. He was granted permission to extend the deadline for the publication of a rescue plan to 30 November this year in order to provide more time for due diligence processes.
It is also believed that the increasing rate of vaccinations will hopefully help in the case of a fourth wave of COVID-19 cases in South Africa.