Cruise Casino Operator in Liquidation

Cruise Casino Operator in Liquidation

The company, which is part of a Malaysian corporation, filed for insolvency in aBermuda court on January 18 this year, and is currently on its way to completing the process.

Many Hong Kong Subsidiaries are in the process of liquidating

The assets of Genting Hong Kong are being sold in order to satisfy its debts. Some of the company’s ships are included in the various sale deals, however, most of them are almost completed.

The group is no longer offering any cruise ship services and will not be able to resume them in the future, as a result of the company’s insolvency operations. The sale of the company’s stock on the Hong Kong Stock Exchange was suspended on January 20 after the company filed for insolvency in aBermuda court on January 18. After its unit in Germany, whose main business activity was to build cruise ships, went down that path, Genting Hong Kong also went down that path.

In the countries where they are registered, many of the subsidiaries of the company have entered into such procedures as a result of the liquidation procedure in Hong Kong. The territories in question are Australia, Hong Kong, Malaysia, Singapore, and the United States, while other subsidiaries of the group are expected to declare default as well.

There is a default of a cruise ship builder

The German state of Mecklenburg-Vorpommern was involved in a court battle with the owner of the builder of the cruise ships, Genting Hong Kong, over expected funding. A backstop facility amounting to $88 million was included in the promised funding.

The German district court ruled in favor of the government, stating that the state was not obliged to make a payment on the loan. The failure to cover further financial arrangements was caused by the insolvency ofMV Werften, which was connected to the Global 1 credit facility of Genting Hong Kong. The liquidation of Genting Hong Kong was caused by all of these factors.

Summary:

Hong Kong-listed gambling cruise ship operator Genting Hong Kong is on its way to completing the liquidation procedure after the company filed for insolvency at a Bermuda court on January 18 this year. The various sale deals, which also include some of the company’s ships, are at different stages, however, most of them are almost completed.