SINGAPORE – Embattled entertainment group mm2 Asia is seeking a court moratorium that could prohibit winding-up resolutions from being passed for a four-month period, as it pursues a restructuring exercise involving a proposed scheme of arrangement with creditors.
In a bourse filing on Nov 10, mm2 Asia said it applied to the High Court of Singapore for a moratorium pursuant to the Insolvency, Restructuring and Dissolution Act. Earlier in the day, it announced that it had received a
$74.6 million payment demand from UOB
.
The latest move comes as mm2 Asia attempts to reorganise its business and financial affairs, having received payment demands for millions of dollars from landlords of outlets of its failed cinema chain Cathay Cineplexes…