Ex-Cathay Cineplex operator mm2 Asia’s restructuring scheme gets creditors’ OK
It includes a proposed placement of 16.3 billion shares to raise S$15 million, with S$11.5 million set aside for creditors
A proposed restructuring scheme for the former Cathay Cineplexes operator, mm2 Asia (mm2A) and its subsidiary mm2 Entertainment (mm2E), has received approval from the majority of creditors, according to a bourse filing on Thursday (Nov 5). The company will now seek court sanction for the schemes, which require a majority representing three-quarters of the debt value in each class of creditors.
The total debt for mm2A stood at approximately S$221.3 million among Class A to F creditors, while mm2E had a debt of S$152.5 million among Class A to C creditors. The restructuring includes a proposed share placement raising S$15 million for creditor repayment, a debt-to-equity swap, disposal of the group's shareholding in a related entity, and sale of the Cathay intellectual property.
MMRA, a private limited subsidiary of Hildrics Asia Growth Fund, will use S$11.5 million of the funds to repay creditors and the remainder for working capital and restructuring expenses. Shares of mm2A have been suspended since Nov 11, 2025, under court protection while the restructuring takes place.
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