Bermuda Court orders winding up of Genting Hong Kong

The court’s ruling also applies to Dream Cruises Holding Ltd.

Hong Kong.- Through a company filing signed off by its joint provisional liquidators, Genting Hong Kong has announced that its winding up has been ordered by the Bermuda Court. The announcement also mentions Dream Cruises Holding Ltd, an indirect non-wholly-owned subsidiary of the company. 

The company filing stated: “Further announcements will be made by the company if there is any material development with respect of the winding-up of the company and Dream Cruises as and when appropriate.”

In January, Genting filed for liquidation after a German court rejected a request to release US$88m for its shipyard unit MV Werften. In July, the cruise ship operator reported that various non-core subsidiaries had entered into insolvency proceedings in the relevant jurisdictions, including Australia, Hong Kong, Malaysia, Singapore and the United States.

On January 18, its shares were suspended on the Hong Kong Stock Exchange and will remain suspended until further notice.

RWC buys Genting HK cruise trademarks

Resorts World Cruises Pte Ltd, the company launched by Genting Hong Kong founder Lim Kok Thay in April, has purchased Star Market Holdings, the owner of Genting Hong Kong’s cruise trademarks. It wil pay US$3.5m.

Genting HK expects to record a gain of approximately US$3.3m upon completion, which represents the net recovery after using part of the consideration to settle costs and expenses. After completion of the disposal, Star Market will cease to be an indirect wholly-owned subsidiary of Genting Hong Kong.

Resorts World Cruises made its debut in June with a series of short cruises departing from the Marina Bay Cruise Center in Singapore. The company rehired about 1,600 people for the cruise business including about 70 of its 100 former sales and marketing staff.