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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.\u00a0<\/p>\n
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.<\/p>\n
If the debt is not repaid within seven days, UOB may commence legal proceedings without further reference, <\/strong>the letters stated.<\/p>\n The letters of demand follow millions of dollars in repayment demands from landlords over the now-closed cinema chain Cathay Cineplexes.<\/p>\n Cathay Cineplexes, which had been facing financial woes, ceased operations following a Sep 1 announcement that it would enter creditors’ voluntary liquidation.\u00a0<\/p>\n 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.\u00a0<\/p>\n 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.\u00a0<\/p>\n In UOB\u2019s letter of demand to mm2 Asia, notice was also given that the bank reserves its rights to sell all the entertainment group\u2019s shares in <\/strong>its subsidiaries mm2 Entertainment and mm Connect.<\/p>\n 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.\u00a0<\/p>\n 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.\u00a0<\/p>\n Mm2 Asia said it is seeking legal advice over UOB\u2019s demands and will continue to monitor the situation closely.\u00a0<\/p>\n<\/div>\n