Cathay Cineplexes, a fixture in Singapore’s film scene since 1939, is preparing to close a significant chapter in its history.
The cinema chain will be undergoing voluntary liquidation, operator mm2 Asia announced on Monday (Sep 1) in a filing on Singapore Exchange.
“Cathay Cineplexes had attempted to negotiate amicable resolutions with the various creditors, but (it) was unable to arrive at mutually agreeable restructuring outcomes of its payment obligations owed to these creditors,” the entertainment company said.
Going forward, the board of Cathay Cineplexes will voluntarily liquidate their cinema chain to repay creditors, mm2 Asia explained, adding that the board determined operation to be “no longer feasible”.
The cinema chain faced…