[SINGAPORE] Cathay Cineplexes parent company mm2 Asia said on Thursday (Jul 17) that it is evaluating all available options to address its financial challenges, including winding up the cinema chain.
The other options included continuing negotiations with Cathay’s landlords, with the aim of restructuring existing obligations consensually, and restructuring the cinema’s existing obligations under a court-supervised process while preserving operational continuity.
This comes after mm2 said on Wednesday it was proposing a six-year delay to a S$54 million bond repayment that was set for redemption in December. The entertainment group also clarified that the S$3.3 million in repayment demands Cathay received corresponded to the lease liabilities mm2 disclosed in February.
If mm2 opts to wind up Cathay Cinexplexes, it would result in the closure of one of Singapore’s oldest cinema chains. It has been operating since October 1939, originally known as Cathay Cinema.
Future material developments will be accompanied by further announcements, mm2 Asia said.
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