SINGAPORE – Entertainment group mm2 Asia on Nov 10 said in a bourse filing that UOB has demanded repayment of about $74.6 million from the company and various of its units.
The sum – which is roughly three times the size of mm2 Asia’s $26 million market value – follows millions of dollars in payment demands from landlords over the group’s failed Cathay Cineplexes chain.
One of the biggest claims was Frasers Centrepoint Trust’s $2.6 million demand in relation to its Causeway Point lease. Standard Chartered on October also sent mm2 Asia a $905,000 payment demand.
A UOB letter was sent on Nov 7 to mm2 Asia and its subsidiaries mm2 Entertainment, UnusuaL Management, mm2 Connect and mm Plus.
The last two companies were guarantors,…