StanChart demands payment from former Cathay Cineplexes operator mm2 Asia over $905,000 debt
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The letters of demand were for debts owed by mm Connect and Cathay Cineplexes, for which mm2 Asia acted as guarantor.
PHOTO: ST FILE
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- Standard Chartered demands $905,582.87 from mm2 Asia's associated companies, mm Connect and Cathay Cineplexes, with mm2 Asia as guarantor.
- Cathay Cineplexes, now in voluntary liquidation, ceased operations in September, contributing to mm2 Asia's financial difficulties.
- mm2 Asia seeks legal advice regarding the demand, adding to prior demands totalling $17.6 million; shares remained at $0.003.
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SINGAPORE - Standard Chartered Bank has issued letters of demand to mm2 Asia and its two associated companies – mm Connect and Cathay Cineplexes – seeking repayment of $905,582.87 by Oct 23.
The letters of demand, dated Oct 16, were for debts owed by mm Connect and Cathay Cineplexes, for which mm2 Asia acted as guarantor.
Cathay Cineplexes ceased operations in September
In a bourse filing on the night of Oct 23, mm2 Asia said it is seeking legal advice and will continue to monitor the situation closely.
The latest demand adds to mm2 Asia’s mounting financial troubles. In September, the group disclosed that its Malaysian subsidiaries had received multiple payment demands.
In August, mm2 Asia said it had received eight letters of demand totalling $17.6 million, but maintained then that it could continue as a going concern.
Shares of mm2 Asia closed unchanged at 0.3 cent on Oct 24, after the announcement. THE BUSINESS TIMES
