SINGAPORE: The company behind independent cinema operator the Projector, Pocket Cinema, owes more than S$1.2 million (US$933,300) to creditors, according to an email sent on Tuesday night (Aug 19).
According to the email, which was sent to creditors and seen by CNA, around 2,300 people who purchased memberships as well as hundreds of ticket holders are collectively owed around S$104,000.
The largest creditor is film company Overseas Movie, which is owed about S$382,888. OCBC is owed S$200,000, and UOB is owed about S$106,818.
Among the list of creditors are The Projector’s co-founders Karen Tan and Blaise Camille Trigg-Smith, who are owed about S$120,785 and S$100,025 respectively.
Other notable creditors include the non-profit organisation Composers & Authors Society of Singapore, which is owed about S$17,700, as well as Golden Village and Cathay Cineplexes, which are owed about S$9,200 and S$1,800 respectively.
CNA has reached out to these companies. Mm2 Asia, which owns Cathay Cineplexes, as well as Golden Village declined comment.
The embattled independent cinema, which opened in 2014, announced on Tuesday that it has ceased operations and will enter voluntary liquidation.
In a statement, Ms Tan wrote that the decision was due to a “combination of rising costs, changing audience habits and the worst consumer market conditions in a decade” that has left the company with “no viable path forward”.
According to the frequently asked questions section on The Projector’s website, the company said it is not able to issue direct refunds as the company is being liquidated.
A creditors’ meeting is slated to be held on Aug 29.
CNA has reached out to The Projector for comment.
