Cathay Cineplexes placed into provisional liquidation after no resolution agreed with creditors
Cathay Cineplexes, a stalwart of Singapore’s cinema industry for decades, has been placed into provisional liquidation.
That means all its remaining outlets have ceased operations with immediate effect, it announced in a Facebook post on Monday (1 Sept).
Source: Cathay Cineplexes on Facebook
Cathay Cineplexes enters liquidation as no longer feasible to operate
In a filing with the Singapore Exchange on Monday, its parent company mm2 Asia said it had attempted to negotiate amicable resolutions with its various creditors.
However, they were “unable to arrive at mutually agreeable restructuring outcomes of its payment obligations”.
Thus, Cathay’s board resolved that it was no longer feasible for the chain to continue operating as a going concern.
A creditors’ voluntary liquidation will proceed, with a meeting of the creditors to be convened in due course.
Cathay’s website has since gone dark, with users receiving an “unable to access” error message.
Cathay Cineplexes beset by debt problems
Cathay was left with four outlets in Causeway Point, Downtown East, Century Square and Clementi 321,
The chain was beset by debt problems in recent years.
It owes millions in unpaid rent to the landlords of its outlets, including Frasers Centrepoint Trust, which owns Century Square and Causeway Point.
Source:Â Google Maps
It had also closed down six cinemas in less than three years.
This includes outlets in JEM, Orchard Cineleisure, Parkway Parade, The Cathay Building, Ang Mo Kio Hub and West Mall.
mm2 Asia had net loss of S$122.4M for FY2025
On 28 Aug, mm2 Asia announced a group net loss of S$122.4 million for the financial year ended 31 March (FY2025), a sharp increase from the S$1.9 million loss in the year before.
Its total revenue fell to S$165.1 million in 2025, a 13.9% year-on-year fall from its revenue of S$191.8 million in 2024.
mm2 Asia Executive Chairman Melvin Ang had said that the second half of FY2025 was “exceptionally challenging”.
This was especially due to “legal and financial issues” from its cinema business, and Mr Ang added:
We recognise our cinema landlords as valued partners in our business ecosystem. However, the road to recovery has been longer than anyone expected (and) we can understand their position.
Cathay’s closure comes less than half a month after indie cinema The Projector announced its liquidation on 19 Aug.
Also read: Shaw Theatres to open 8th outlet at JEM in space previously occupied by Cathay Cineplexes
Shaw Theatres to open 8th outlet at JEM in space previously occupied by Cathay Cineplexes
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Featured image adapted from Google Maps.
