SINGAPORE: Struggling cinema chain Cathay Cineplexes closed its four remaining cinema outlets and officially ceased operations in Singapore on Sept 1, after its voluntary liquidation was announced earlier in the day.
The cinema chain, which owes money to the landlords of several of its outlets, is unable to continue operating as a going concern and will undergo a creditors’ voluntary liquidation, its parent company mm2 Asia said in a Sept 1 Singapore Exchange filing.
“Cathay Cineplexes had attempted to negotiate amicable resolutions with the various creditors, but was unable to arrive at mutually agreeable restructuring outcomes of its payment obligations owed to these creditors,” mm2 Asia said.
The cinema chain then said that it had “ceased operations with immediate effect” in an Instagram post on Sept 1. Its website displayed no movie screenings as at 11.48am, although four cinema venues remained listed on the site. These are its Causeway Point, Downtown East, Century Square and Clementi outlets. — The Straits Times/ANN
