The company will need to devote its “somewhat finite bandwidth” to restructuring in the coming weeks
[SINGAPORE] Former Cathay Cineplexes operator mm2 Asia has been given a lifeline after the High Court on Dec 10 allowed the company to be shielded from creditors and legal proceedings for four months while it works out a restructuring plan.
The move will allow the company time and breathing space to work out a plan to repay its creditors, said Judicial Commissioner Mohamed Faizal in a written judgment after a hearing.
On Nov 10, mm2 said in a bourse filing that it had applied to the High Court for a moratorium under the Insolvency, Restructuring and Dissolution Act to stop current, pending or threatened proceedings from being commenced…