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Previously the boss very satki and defiant and even claim that "a recovery for the struggling cinema industry is finally within reach" but now GG...LOL
https://www.straitstimes.com/busine...s-to-be-wound-up-as-talks-with-creditors-fail
The cinema chain, which owes money to landlords of several of its outlets, is unable to continue operating as a going concern.
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 (SGX) filing.
“Cathay Cineplexes had attempted to negotiate amicable resolutions with the various creditors, but (it) was unable to arrive at mutually agreeable restructuring outcomes of its payment obligations owed to these creditors,” mm2 Asia said in the filing.
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.
All four outlets were shuttered when The Straits Times visited them later in the day, with notices of provisional liquidation prominently displayed at the outlets. Employees from other shops at the malls noted that the cinemas were still operating on Aug 31.
The sudden closure caught many cinema patrons off guard. At the Downtown East outlet at about 5.40pm, several people seen reading the closure notice said they had booked their tickets just a day earlier on Aug 31 and were at the outlet to catch the 5.45pm and 6pm movie screenings.
At Causeway Point, information technology professional Cindy, who declined to give her full name, was among those who showed up at the cinema, only to find it closed. “I wanted to come watch a movie because I haven’t done so in a long time,” she said, but added that the closure did not affect her.
Patrons who had already booked tickets for screenings from Sept 1 onwards were concerned about refunds.
A patron of the Century Square outlet, who declined to be named, said she had purchased the “Save our Screens” vouchers worth $100 and had yet to finish using them. The vouchers, which entitles holders to 10 movie tickets with popcorn and drinks, will expire on Dec 31.
She said no information was provided by Cathay on how to obtain refunds for the vouchers or any pre-booked tickets.
When asked how many people have been laid off so far, both mm2 Asia and its liquidator, Quantuma, did not comment.
In a media statement on Sept 1, Mr Andy Lim, general secretary of the Singapore Manual & Mercantile Workers’ Union (SMMWU), noted that while Cathay Cineplexes is a non-unionised company, some of its workers are members of the union.
“SMMWU is committed to supporting the affected members during this challenging time and is reaching out to them to provide guidance and assistance where needed,” the statement said.
The latest Cathay Cineplexes closures on Sept 1 follow the shutdown of six other outlets over the past three years.
In recent months, the cinema chain has received millions in payment demands from landlords of its outlets over rental arrears and other monies owed.
In February, it received payment demands for around $2.7 million from the landlords of its Century Square and Causeway Point outlets. Both malls are owned by Frasers Centrepoint Trust (FCT).
The landlord of its Jem outlet, Lendlease Global Commercial Reit, issued a $3.4 million payment demand in July.
Alprop submitted a claim of around $1 million for the West Mall outlet which closed in February, on behalf of the mall’s landlord UOL Group.
More on this topic
mm2 Asia had said in July that it was mulling over the closure of the cinema chain, as the industry has faced challenges since Covid-19.
In the SGX filing, mm2 Asia said an extraordinary general meeting of the members of Cathay Cineplexes and a meeting of its creditors will be convened in due course.
mm2 Asia’s statement named as claimants DBS Trustee, the trustee of Lendlease Global Commercial Reit, and the landlords of Century Square mall, Management Corporation Strata Title Plan No 2193 and Century Square LLP.
It also named HSBC Institutional Trust Services (Singapore), the trustee of FCT, Lendlease Retail Investments 3 (in members’ voluntary liquidation), Alprop and Resorts Concept.
For its last financial year ended in March, mm2 Asia posted a net loss of $105.2 million, widening the $5.7 million loss it incurred in the year-ago period.
---------------------------
Previously.....
https://www.channelnewsasia.com/singapore/cathay-cinemas-mm2-asia-not-giving-up-4926581
Founder of mm2 Asia Melvin Ang tells CNA in an exclusive interview that he believes a recovery for the struggling cinema industry is finally within reach.
Melvin Ang is the founder of mm2 Asia, which owns the Cathay Cineplexes chain of cinemas. (Photos: CNA/Raydza Rahman, Facebook/Cathay Cineplexes)
https://www.straitstimes.com/busine...s-to-be-wound-up-as-talks-with-creditors-fail
Cathay Cineplexes closes remaining 4 outlets; patrons caught off guard
The cinema chain, which owes money to landlords of several of its outlets, is unable to continue operating as a going concern.
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 (SGX) filing.
“Cathay Cineplexes had attempted to negotiate amicable resolutions with the various creditors, but (it) was unable to arrive at mutually agreeable restructuring outcomes of its payment obligations owed to these creditors,” mm2 Asia said in the filing.
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.
All four outlets were shuttered when The Straits Times visited them later in the day, with notices of provisional liquidation prominently displayed at the outlets. Employees from other shops at the malls noted that the cinemas were still operating on Aug 31.
The sudden closure caught many cinema patrons off guard. At the Downtown East outlet at about 5.40pm, several people seen reading the closure notice said they had booked their tickets just a day earlier on Aug 31 and were at the outlet to catch the 5.45pm and 6pm movie screenings.
At Causeway Point, information technology professional Cindy, who declined to give her full name, was among those who showed up at the cinema, only to find it closed. “I wanted to come watch a movie because I haven’t done so in a long time,” she said, but added that the closure did not affect her.
Patrons who had already booked tickets for screenings from Sept 1 onwards were concerned about refunds.
A patron of the Century Square outlet, who declined to be named, said she had purchased the “Save our Screens” vouchers worth $100 and had yet to finish using them. The vouchers, which entitles holders to 10 movie tickets with popcorn and drinks, will expire on Dec 31.
She said no information was provided by Cathay on how to obtain refunds for the vouchers or any pre-booked tickets.
When asked how many people have been laid off so far, both mm2 Asia and its liquidator, Quantuma, did not comment.
In a media statement on Sept 1, Mr Andy Lim, general secretary of the Singapore Manual & Mercantile Workers’ Union (SMMWU), noted that while Cathay Cineplexes is a non-unionised company, some of its workers are members of the union.
“SMMWU is committed to supporting the affected members during this challenging time and is reaching out to them to provide guidance and assistance where needed,” the statement said.
The latest Cathay Cineplexes closures on Sept 1 follow the shutdown of six other outlets over the past three years.
In recent months, the cinema chain has received millions in payment demands from landlords of its outlets over rental arrears and other monies owed.
In February, it received payment demands for around $2.7 million from the landlords of its Century Square and Causeway Point outlets. Both malls are owned by Frasers Centrepoint Trust (FCT).
The landlord of its Jem outlet, Lendlease Global Commercial Reit, issued a $3.4 million payment demand in July.
Alprop submitted a claim of around $1 million for the West Mall outlet which closed in February, on behalf of the mall’s landlord UOL Group.
Cathay Cineplexes owner mm2 Asia’s net loss swells to $101.3 million as cinema scene withers
Cathay Cineplexes ropes in restructuring specialist as more payment demands pile up
mm2 Asia had said in July that it was mulling over the closure of the cinema chain, as the industry has faced challenges since Covid-19.
In the SGX filing, mm2 Asia said an extraordinary general meeting of the members of Cathay Cineplexes and a meeting of its creditors will be convened in due course.
mm2 Asia’s statement named as claimants DBS Trustee, the trustee of Lendlease Global Commercial Reit, and the landlords of Century Square mall, Management Corporation Strata Title Plan No 2193 and Century Square LLP.
It also named HSBC Institutional Trust Services (Singapore), the trustee of FCT, Lendlease Retail Investments 3 (in members’ voluntary liquidation), Alprop and Resorts Concept.
For its last financial year ended in March, mm2 Asia posted a net loss of $105.2 million, widening the $5.7 million loss it incurred in the year-ago period.
---------------------------
Previously.....
https://www.channelnewsasia.com/singapore/cathay-cinemas-mm2-asia-not-giving-up-4926581
Founder of mm2 Asia Melvin Ang tells CNA in an exclusive interview that he believes a recovery for the struggling cinema industry is finally within reach.
Melvin Ang is the founder of mm2 Asia, which owns the Cathay Cineplexes chain of cinemas. (Photos: CNA/Raydza Rahman, Facebook/Cathay Cineplexes)
