Cathay Cineplexes’ parent company, mm2 Asia, said that the voluntary liquidation of its cinema chain business is unlikely to have a major impact on its core businesses or continuing operations.
In a bourse filing on Wednesday (Sept 3), the entertainment company responded to queries from the Singapore Exchange Regulation and said that the liquidation will instead “expected to improve the group’s overall cashflows and profitability”.
mm2 announced the voluntary liquidation of Cathay earlier on Monday (Sept 1), citing that it was “no longer feasible” to continue with operations due to the group’s inability to reach any “mutually agreeable restructuring outcomes of its payment obligations” to creditors.
In its filing, mm2 said that its…