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StanChart demands former Cathay Cineplexes operator, mm2 Asia, pay S$905,582 debt
The amount was owed by Cathay Cineplexes and mm Connect, both associated companies under mm2 Asia.
October 24, 2025, 11:55 AM
Standard Chartered Bank Singapore has sent letters to mm2 Asia and its now-shuttered Cathay Cineplexes business, demanding payment of around S$905,582 in outstanding debt.
The letters, received on Oct. 16, set the payment deadline for Oct. 23.
Although the debts were owed by Cathay Cineplexes and mm Connect, another associated company, mm2 Asia acted as the guarantor.
If the demand is not met, Standard Chartered said it reserves the right to exercise all such other rights and remedies as it may have against the companies under the finance documents or by law, without further notice.
On Oct. 23, mm2 Asia announced that it has received letters of demand, is seeking legal advice on the matter, and will continue to monitor the situation closely.
Financial woes
In September, Cathay Cineplexes closed its remaining cinema outlets and entered into voluntary liquidation.
Its board decided that the business was "no longer feasible" to continue operating due to mounting financial losses.
Based on financial results on Aug. 28, mm2 Asia saw its group net loss surge to S$122.4 million in the 2025 fiscal year.
On Aug. 4, the entertainment company stated in a bourse filing that it had received eight letters of demand totalling S$17.6 million.
At the time, mm2 Asia assessed that it could "continue as a going concern for the next 12 months" partly due to "positive ongoing negotiations" with the creditors.
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