SINGAPORE, Sept. 2 -- Cathay Cineplexes has ceased operations after its parent mm2 Asia said the cinema chain would enter creditors' voluntary liquidation.

The operator told the Singapore Exchange on Monday it was no longer feasible for Cathay to continue, citing its financial position and lack of restructuring options, according to a CNA report.

Efforts to reach deals with creditors failed, it added.

Liquidators Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) have been appointed. Meetings of members and creditors will be convened.

Cathay had been struggling with heavy losses and unpaid rent, with landlords including Resorts Concept, Century Square and HSBC Institutional Trust Services demanding millions in arrears.

The c...