SINGAPORE, Sept 1 — Cathay Cineplexes in Singapore will undergo creditors’ voluntary liquidation, mm2 Asia announced today, citing financial strain and no viable restructuring options.

The cinema chain’s operator said it had tried to negotiate “amicable resolutions” with creditors but could not reach an agreement on payment obligations. 

An extraordinary general meeting of members and a creditors’ meeting will be held in due course, Singapore-based media organisation CNA reported today.

Mm2 Asia posted a net loss of S$122.4 million (RM402.5 million) for FY2025, up from S$1.9 million the year before. 

“The second half of FY2025 was exceptionally challenging, especially with the legal and financial issues from our cinema business,” said executive chairman Melvin Ang.

Attendance has yet to fully rebound post-Covid, while competition from streaming and tight margins have added pressure. 

Six Cathay Cineplexes have closed in three years, leaving four outlets still operating, with millions in unpaid rent owed to landlords.