Cathay Cineplexes enters voluntary liquidation amid creditor demands

Cathay Cineplexes, one of Singapore’s longest-standing cinema operators, is heading into creditors’ voluntary liquidation after failing to reach restructuring agreements with multiple landlords and creditors.

Its parent company mm2 Asia announced on Monday (1 September) that Cathay Cineplexes had received statutory demands and claims from entities including DBS Trustee (as trustee of Lendlease Global Commercial REIT), Century Square LLP, Frasers Centrepoint Trust, Alprop, Resorts Concepts, and others.

Despite attempts to negotiate, the board of Cathay Cineplexes said it was “no longer feasible” to continue operating as a going concern given its financial position and the absence of viable restructuring outcomes.

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As part of the move, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) have been appointed joint and several provisional liquidators. An extraordinary general meeting of members and a creditors’ meeting will be convened in due course.

mm2 Asia advised shareholders and investors to exercise caution when dealing with its securities, adding that further announcements will follow.

MARKETING-INTERACTIVE has reached out for more information. 

Cathay Cineplexes has been part of Singapore’s entertainment landscape since the iconic Cathay Cinema first opened in 1939. Its exit marks a significant chapter in the city-state’s cinema industry, which has faced rising costs, shifting consumer habits, and the aftershocks of the pandemic.

The news follows a similar move by The Projector, Singapore’s independent cinema and arts venue, which announced it will enter voluntary liquidation after more than a decade of showcasing alternative films and community-focused programming. The Projector ceased operations on 19 August this year.

Founder Karen Tan said at the time that the decision to wind down The Projector came after years of battling mounting pressures, from rising costs and shifting audience habits to what she described as the toughest consumer market conditions in a decade. Despite efforts to reinvent the space, weather the pandemic, and expand into new venues, the team ultimately found no viable path forward.

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