SG cinema chain Cathay Cineplexes shuts down, enters into voluntary liquidation

Singapore – Local cinema chain Cathay Cineplexes has shut down its operations, as it enters a voluntary liquidation, citing ‘pronounced challenges’ including not being able to bounce back to pre-COVID numbers in terms of sales.

In a recent filing at the Singapore Exchange (SGX) by its parent company MM2 Asia, it stated that the due to the company’s financial position and the absence of restructuring outcomes, the board of directors of Cathay Cineplexes has resolved that it is no longer feasible for CCPL to continue operating as a going concern. 

Accordingly, the board intended to proceed with a creditors’ voluntary liquidation of the company.

“CCPL had attempted to negotiate amicable resolutions with the various creditors but CCPL was unable to arrive at mutually agreeable restructuring outcomes of its payment obligations owed to these creditors,” the company said in the filing.

Founded in 1939, Cathay Cineplexes had its peak around 75 cinema houses across Singapore and Malaysia. However, it began closing several locations beginning, including the historic Handy Road (Cathay Building), Cineleisure Orchard, Parkway Parade, AMK Hub, and West Mall.