Unit of former Cathay Cineplexes operator mm2 Asia gets $18.9m payment demand from creditor
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mm2 Asia on Dec 10 was given a four-month reprieve from creditors as it works out a restructuring plan, but the protection does not extend to its subsidiaries, such as mmLive.
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SINGAPORE – A subsidiary of embattled entertainment group mm2 Asia on Dec 29 said it has received a payment demand for $18.9 million, even as the parent company had secured protection from creditors earlier in the month.
The unit, mmLive, received the latest statutory demand on Dec 23 from solicitors representing an individual Yi Xianhuang. The firm promotes and organises concerts and other entertainment acts, and also rents out musical instruments and equipment.
On Dec 10, mm2 Asia was given a lifeline
The entertainment group declined to comment in response to queries from The Business Times about the latest payment demand.
Mr Yi’s notice followed a $74.6 million payment demand from lender UOB on Nov 10, just three days before mm2 Asia reported a net loss of $39.7 million for the half-year ended Sept 30. The former Cathay Cineplexes operator’s revenue plunged 53.2 per cent to $40 million for the first half of the 2026 financial year, from $85.4 million in the year-ago period.
The iconic cinema chain shuttered earlier in 2025
To stave off an immediate winding-up by banks and creditors – the group has over $200 million in borrowings due within a year – mm2 Asia suspended trading of its shares after its board assessed that the group could not prove its ability to continue as a going concern. The stock last traded at 0.3 cent on Nov 10. THE BUSINESS TIMES
