Entertainment company mm2 Asia on Sept 1 announced that Cathay Cineplexes will undergo voluntary liquidation.
The struggling cinema chain, which owes money to the landlords of several of its outlets, is unable to continue operating as a going concern, its parent company said.
“Cathay Cineplexes 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 these creditors,” mm2 Asia said.
The board of Cathay Cineplexes will proceed with a creditors’ voluntary liquidation of the cinema chain, after determining that it is “no longer feasible” to continue operating as a going concern, the media company said.
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