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Genting Hong Kong sailed its last voyage, with the World Dream, last year, ceasing operations on March 2 nd of 2022. Web page addresses and e-mail addresses turn into links automatically. On January 18, Genting Hong Kong announced it had exhausted liquidity and refinancing options and would file for provisional liquidation. Genting Hong Kongs liquidation filing came just a week after its German shipbuilding subsidiary MV Werften went into insolvency, a development that triggered cross-defaults for the entire groups various financing arrangements amounting to more than US$2.7 billion, the Straits Times reported. Seatrade Cruise News is part of the Informa Markets Division of Informa PLC. All rights reserved. Last week Genting HK said it had not received notice that any of the relevant creditors is demanding repayment or commencing action pursuant to their respective financing arrangements, adding it was unclear whether any would choose to do so. 'The board believes that the appointment of provisional liquidators is essential and in the interests of the company, its shareholders and its creditors in order to maximise the chance of success of the financial restructuring and to provide a moratorium on claims and to seek to avoid a disorderly liquidation of the company by any of its creditors,' Genting HK continued. Genting Hong Kong's fleet to be auctioned The fleet of insolvent Genting Hong Kong, ships that sailed for Crystal Cruises, Dream Cruises and Star Cruises will likely go to auction. Genting reported a record loss of $1.7 billion in May as the pandemic ravaged the cruising industry. Genting Hong Kong Limited (Continued into Bermuda with limited liability) (Stock Code: 678) . The developments in Germany triggered a cross-default of Genting HKs US$2.78 billion borrowings which led to it filing for provisional liquidation. MV Werften filed for insolvency last week after Genting failed to reach a resolution with the German authorities over a dispute involving MV Werftens collapse, said the report. creditors and to seek to avoid a disorderly liquidation of the Company. The Genting Cruise Lines Genting Dream cruise ship during a media tour while berthed in Hong Kong, China, on Wednesday, July 28, 2021. In a filing with the. Genting HK said it would seek to fill those roles. The line's new expedition ship, Crystal Endeavor, was sailing in Antarctica. , Bloomberg. The divestment of the Newport stake is the latest asset to be divested by Genting Group as it focuses on expanding its footprint in New York and revamping its properties in Singapore and Malaysia. Genting Hong Kongcontrolled by Malaysian billionaire Lim Kok Thay is exiting the Philippine casino joint venture after the cruise ship operator went into liquidation in January 2022 as. The integrated resort was called Resorts World Manila when it opened in 2009 but was renamed Newport World Resorts last year after Genting Hong Kongs liquidation. That came after salvage talks fizzled amid a dispute . The joint provisional liquidators of a Bermudian-based tourism group have provided an update on the organisations business operations. Trading was suspended on the Hong Kong Stock Exchange and three of the company's independent non-executive directors resigned Alan Howard Smith, Lam Wai Hon and Justin Tan Wah Joo. RHB is among three Malaysian banks that could potentially take a major hit from Genting Hong Kongs liquidation filing. In this regard, we would like to reiterate that RHB does not make public comments on matters concerning its customers. Find the right card for you. KUALA LUMPUR, Jan 27 The RHB Banking Group (RHB) today proclaimed its financial resilience after being connected to potential losses for Malaysian banks that had provided credit to troubled Asian cruise operator Genting Hong Kong. Genting Hong Kong's indirect wholly-owned shipbuilding subsidiary, MV Werften, filed for insolvency at a local court in Germany last week. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. More than half a dozen mostly small cruise operators have shut down since early 2020, citing financial troubles related to the pandemic, including Spain-based Pullmantur and U.K.-based Cruise & Maritime Voyages. The Exchange announces that the listing of the Company's shares will be cancelled with effect from 9:00 am on 16 May 2023 under Rule 6.01. GHK-Genting Hong Kong Ltd filed a winding-up petition in Bermuda following the bankruptcy of its German subsidiary MV Werften triggered USD 2,78 billion (EUR 2,45B / GBP 2,05B) of debt and forced Asia's largest cruise shipowner to be liquidated.. Alvarez & Marsal's Edward Simon Middleton and Tiffany Wong Wing-Sze have been appointed by the owner of Dream Cruise Holding as provisional . But it's not the only one. Following the appointment of the JPLs, the Company, together with its professional . - MV Werften pic, January 18, 2022 KUALA LUMPUR - Following a more than 50% plunge in shares and a loss in court, Genting Hong Kong will be filing for liquidation of its cruise line on Tuesday in Bermuda. 25th July 2022 | By muhammadcohen2 Experts, regulators say other Genting companies and group chairman Lim Kok Thay face no real threat while cruises get a welcome relaunch, Muhammad Cohen writes. Trading of the companys shares has also been suspended. The Hong . Louise Jennings, by
Both of the shipyards filed for insolvency last week in German courts as Genting Hong Kong's financial situation worsened. The two companies are financially separated and trade separately. They added: Certain of the groups secured creditors have taken enforcement actions over substantially all of the vessel assets of the group. All of the Genting companies are controlled by Malaysia tycoon Lim Kok Thay. The company, which has offered seacations amid a cruise-to-nowhere trend, reported a record loss of $1.7 billion last May. Several cruise brands were launched in the 2010s, including Dream Cruises in China, making it one of the biggest cruise operators in the world. (Bloomberg) -- Genting Hong Kong Ltd. may file for provisional liquidation as soon as Tuesday after it wasnt able to secure funds to help it stay afloat following an insolvency at its German shipbuilding subsidiary. Genting Hong Kong said on Tuesday that a German court had rejected an application that would have provided MV Werften with access to a $88 million lifeline. ADDITIONAL RESUMPTION GUIDANCE. The company, which owns Asia-based Dream Cruises and Star Cruises as well as Crystal, has been struggling financially ever since the COVID-19 pandemic forced a worldwide shutdown to cruising in early 2020. 'Following the appointment of the provisional liquidators, the company, together with its professional advisers, will continue to work towards implementation of a consensual and inter-conditional restructuring of the group to preserve value for all creditors and other stakeholders.'. Nikkei Inc. No reproduction without permission. Travellers, which also owns and operates hotels outside the Metro Manila, was the fastest growing business segment of Alliance Global this year, with the hotel and casino operator returning to the black as revenue surged 60% to 7.8 billion pesos ($139 million) in the first quarter. (incorporated in Bermuda with limited liability) Nick Moser, Louise Jennings. This is a BETA experience. The Exchange advises shareholders of the Company who have any queries about the implications of the delisting to obtain appropriate professional advice. Terms apply to the offers listed on this page. 14/4/2022. Trading in the companys shares has been suspended. The statement by the JPLs was filed with the Hong Kong Stock Exchange. UK court confirms where burden of proof lies in directors' duties cases, A dream becomes a nightmare no more Dream Cruises as Genting Hong Kong faces bankruptcy, Hungary introduces restructuring procedure to save companies from liquidation, Payment of salary to employee by insolvent third party not protected from German claw-back claims, Return to pre-pandemic insolvency measures in UK as last temporary rules are lifted, BVI court says law firm must continue to represent sanctioned Russian bank. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take . HONG KONG -- Genting Hong Kong, the cruise line arm of Malaysian tycoon Lim Kok Thay's global gambling empire, plans to file for liquidation on Tuesday in Bermuda. Provisional liquidators have then been appointed for the restructuring of Genting HK. The move comes after a German court rejected an application that would have provided Genting Hong Kongs shipbuilding subsidiary, MV Werften, with access to a US$88 million lifeline, said the report. The court hearing on this claim will take place on January 20 in Bermuda, where Genting Hong Kong is registered. After Genting Hong Kong purchased the line in 2015 for US$550 million, it launched an ambitious expansion plan that added two planes, a Boeing 787-8 and Boeing 777-200, for private air flights; a . Discover Paradise: Unveiling Amari Raaya Maldives with Exclusive Pre-Opening Offer, Stay, earn & pay with Best Western Reward points, Inspiring conscious living and well-being in travel at PARKROYAL COLLECTION Pickering, Future of Tourism: Digital Travel APAC 2023 Innovation Brief, TTM+ 2023 to generate estimated 3.4 billion baht in tourism revenue, ARTDO International World Conference 2023 to be held at Batam View Beach Resort. The troubled cruise operator plans to file for provisional liquidation with courts in Bermuda unless it receives credible proposals for a solvent, consensual and inter-conditional restruction solution, Genting Hong Kong said in a filing to the Asian financial hubs exchange. On 18 January 2022, Hong Kong-listed cruise operator Genting Hong Kong Limited ('Genting HK') filed for provisional liquidation with the Supreme Court of Bermuda after it failed to secure access to liquidity. You may opt-out by, AI Boom Boosts CEO Of Korean Semiconductor Equipment Maker To Billionaire Ranks, BYDs CEO Wang Chuanfu Repeats At No. See also: Digilife Technologies' executive chairman and . '. Use of this website signifies your agreement to the Terms of Service and Privacy Policy Dream Cruises sailings that have already been . Jan 18, 2022, 4:04 PM SGT SINGAPORE (BLOOMBERG) - Genting Hong Kong may file for provisional liquidation as soon as Tuesday (Jan 18) after it was not able to secure funds to help it stay. Trading in the Companys shares has been suspended since 18 January 2022. At press time, the line's two main oceangoing ships, Crystal Serenity and Crystal Symphony, were visiting the Mexican port of Progreso and the British Virgin Islands port of Tortola, respectively. 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Genting Hong Kongs indirect wholly-owned shipbuilding subsidiary, MV Werften, filed for insolvency to a local court in Germany last week. Mark Chan. All rights reserved. The petition was filed and signed by Thay with the Hong Kong exchange after a last-ditch effort to recover $88 . In August 2020, Genting HK was forced to suspend all payments to creditors in an effort to shore up its liquidity. Genting Hong Kongcontrolled by Malaysian billionaire Lim Kok Thayis exiting the Philippine casino joint venture after the cruise ship operator went into liquidation in January 2022 as the Covid-19 pandemic upended the tourism industry. All rights reserved. Crystal also operates five river ships in Europe that don't normally sail at this time of year. Given the global scale of Genting HKs business, it will be intriguing to see how the insolvency proceedings in multiple jurisdictions play out. Genting Hong Kong is part of a bigger parent company that also includes Genting Malaysia, which owns most of the Resorts World casino resorts around the world. In a statement, Genting Hong Kong said it has exhausted all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements. That led the industry to carry out a string of restructuring and insolvencies. ORDER RECOGNISING APPOINTMENT OF THE JOINT PROVISIONAL LIQUIDATORS OF GENTING HONG KONG LIMITED. Copyright 2023. Genting Hong Kong Ltd. has filed to wind up the company in one of the biggest stumbles by a cruise operator globally after the pandemic ravaged the industry and drove its German shipbuilding. Please view our advertising policy page for more information. The information you requested is not available at this time, please check back again soon. In addition to the three cruise lines, Genting Hong Kong owns two shipyards in Germany that have been building ships for its brands. Note:To view corporate releases document, you must have Adobe Acrobat Reader installed on your computer.To download Adobe Acrobat Reader, please click here:Download (Estimated time: 5,328 kb in 33 min). Taking full ownership of the Philippine casino bodes well for Alliance Global amid a casino boom in the country. Genting warned investors that cross defaults amounting to US$2.78 billion may follow, it added. Lam Yik | Bloomberg | Getty Images Cruise operator. (Stock Code: 678). Last month, Genting Malaysia sold a waterfront property in Miami for $1.2 billion. Genting Hong Kong warns it may file for liquidation today, MV Werften's filing gave rise to an event of default for the, pursuant to their respective financing arrangements, adding it was unclear, Previous restructuring completed June 2021. Number 8860726. Genting Hong Kong's liquidation filing came just a week after its German shipbuilding subsidiary MV Werften went into insolvency, a development that triggered cross-defaults for the entire group's various financing arrangements amounting to more than US$2.7 billion, the Straits Times reported. Neither may information be stored electronically in any form whatsoever without such permission. This site does not include all credit card companies or all available credit card offers. We may receive compensation when you click on links to those products. We refer to the recent news articles suggesting that RHB is amongst a number of banks that will be greatly impacted by developments at Genting Hong Kong. 4/4/2022. For an explanation of our Advertising Policy, visit, Reward your inbox with the TPG Daily newsletter. The company had warned it may not be able to meet its financial obligations if it didn't get the loan and last week its German shipyards, MV Werften and Lloyd Werft Bremerhaven, filed for insolvency. A spokesperson for Crystal on Wednesday did not immediately respond to a request for more information about the status of the line. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The appointment of liquidators for Genting Hong Kong does not necessarily mean that lines it operates will shut down. The operator of cruise lines in Asia Genting Hong Kong has filed a lawsuit related to the process of its liquidation. Like most cruise companies, Genting HK struggled during the COVID-19 pandemic. The liquidation of Genting Hong Kong will not affect Genting Malaysia or its holdings. Hong Kong aims to allow short cruise tours heading out from Hong Kong ports into international waters mid-summer, Secretary for Commerce and Economic Development Edward Yau said in May. 2 of 6 Insights. Background Seatrade, a trading name of Informa Markets (UK) Limited. But it said it expected the majority of its existing operations to "cease to operate.". Once-thriving Genting Hong Kong is headed for liquidation due to the. Provisional liquidators have then been appointed for the restructuring of Genting HK. A 'fugitive' cruise ship is connected to the liquidation of Genting Hong Kong on the other side of the world. The ships head out to international waters and back, with the cheapest tickets going for HKD$1,188 ($153) or S$153 ($114) a night per person. 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