Cathay Cineplexes, one of Singapore’s longest-standing cinema operators, is heading into creditors’ voluntary liquidation after failing to reach restructuring agreements with multiple landlords and creditors.
Its parent company mm2 Asia announced on Monday (1 September) that Cathay Cineplexes had received statutory demands and claims from entities including DBS Trustee (as trustee of Lendlease Global Commercial REIT), Century Square LLP, Frasers Centrepoint Trust, Alprop, Resorts Concepts, and others.
Despite attempts to negotiate, the board of Cathay Cineplexes said it was “no longer feasible” to continue operating as a going concern given its financial position and the absence of viable restructuring…