Cathay Cineplexes, a major cinema chain in Singapore operated by mm2 Asia, is entering creditors' voluntary liquidation following ongoing financial struggles. The company announced on September 1, 2025, that it is no longer feasible to continue operations due to its poor financial position and unsuccessful restructuring negotiations with creditors. Despite efforts to reach amicable resolutions, Cathay Cineplexes failed to settle its payment obligations, leading to the appointment of provisional liquidators Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore). The company has closed six outlets over the past three years, leaving only four operational, and owes landlords millions in rent. The financial decline has been exacerbated by the aftermath of COVID-19, competition from streaming platforms, and tight operating margins. In fiscal year 2025, mm2 Asia reported a net loss of S$122.4 million, a significant increase from the previous year's loss of S$1.9 million. The closure of Cathay Cineplexes reflects broader trends of cinemas struggling in Singapore, with some malls replacing cinemas with gyms and tuition centers. The liquidation process involves selling assets to pay off debts, with any remaining funds distributed among shareholders. The company had previously faced demands for rental payments, including S$577,235.58 from Resorts Concept and S$3.4 million from Jem shopping mall's landlord. The liquidation marks a significant shift in Singapore’s entertainment landscape amid ongoing financial challenges.