It has been a difficult year for mm2 Asia, whose Cathay Cineplexes unit has already entered voluntary liquidation
[SINGAPORE] Mired in debt and facing insolvency, mm2 Asia is experiencing its annus horribilis.
This year, its iconic Cathay Cinexplexes unit shuttered under millions in debt; now the entertainment group itself is facing existential threat as banks join landlords in issuing “pay up or else” letters of demand.
The company – which produced local blockbusters like Ah Boys to Men and I Not Stupid 3 – diversified into multiple entertainment subsectors, but all that is now unravelling.
To stave off immediate winding up by banks and creditors – the group has borrowings of over S$200 million due within a year – mm2 Asia has…