SINGAPORE: Entertainment group and former Cathay Cineplexes operator mm2 Asia on Monday (Nov 10) said that United Overseas Bank (UOB) had sent letters demanding repayment of S$74.6 million (US$57 million) from the company and its subsidiaries.
The letters were sent to mm2 Asia and its subsidiaries mm2 Entertainment, UnUsUaL Management, mm Plus and mm Connect on Nov 7, the company said in a filing on the Singapore Exchange.
If the debt is not repaid within seven days, UOB may commence legal proceedings without further reference,
The letters of demand follow millions of dollars in repayment demands from landlords over the now closed cinema chain Cathay Cineplexes.
Cathay Cineplexes, which had been facing financial woes, ceased operations following a Sep 1 announcement that it would enter creditors' voluntary liquidation.
Among the repayment demands, in October, Standard Chartered Bank sent mm2 Asia a repayment demand for S$905,000 and Frasers Centrepoint Trust filed a S$2.6 million claim against the entertainment company over its Causeway Point lease.
The entertainment company reported a group net loss of S$122.4 million in the 2025 fiscal year, with a 10-fold increase in net loss to S$118.4 million in the second half of the year compared to the previous year.
In UOB’s letter of demand to mm2 Asia, notice was also given that the bank reserves its rights to sell all the entertainment group’s shares in
In the letter of demand to mm2 Entertainment, UOB gave notice that it intends to exercise its power of sale regarding a property whose mortgage was granted in favour of UOB.
UOB also gave another subsidiary UnUsUaL Management notice that it reserves its rights to exercise its power of sale in respect of 623,040,780 shares in the company.
Mm2 Asia said it is seeking legal advice over UOB’s demands and will continue to monitor the situation closely.
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The letters were sent to mm2 Asia and its subsidiaries mm2 Entertainment, UnUsUaL Management, mm Plus and mm Connect on Nov 7, the company said in a filing on the Singapore Exchange.
If the debt is not repaid within seven days, UOB may commence legal proceedings without further reference,
The letters of demand follow millions of dollars in repayment demands from landlords over the now closed cinema chain Cathay Cineplexes.
Cathay Cineplexes, which had been facing financial woes, ceased operations following a Sep 1 announcement that it would enter creditors' voluntary liquidation.
Among the repayment demands, in October, Standard Chartered Bank sent mm2 Asia a repayment demand for S$905,000 and Frasers Centrepoint Trust filed a S$2.6 million claim against the entertainment company over its Causeway Point lease.
The entertainment company reported a group net loss of S$122.4 million in the 2025 fiscal year, with a 10-fold increase in net loss to S$118.4 million in the second half of the year compared to the previous year.
In UOB’s letter of demand to mm2 Asia, notice was also given that the bank reserves its rights to sell all the entertainment group’s shares in
In the letter of demand to mm2 Entertainment, UOB gave notice that it intends to exercise its power of sale regarding a property whose mortgage was granted in favour of UOB.
UOB also gave another subsidiary UnUsUaL Management notice that it reserves its rights to exercise its power of sale in respect of 623,040,780 shares in the company.
Mm2 Asia said it is seeking legal advice over UOB’s demands and will continue to monitor the situation closely.
Continue reading...