SINGAPORE: Cathay Cineplexes is set to undergo creditors’ voluntary liquidation amid its financial woes, operator mm2 Asia announced on Monday (Sep 1).
The board has resolved that it is no longer feasible for Cathay Cineplexes to continue operating, given its financial position and the absence of restructuring options, among other things, mm2 Asia said in a filing on the Singapore Exchange.
The cinema operator 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 the creditors, it added.
The board resolved to appoint Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) as joint and several…