Genting HK to restructure debts with creditors

Genting HK to restructure debts with creditors

The Malaysian casino cruise company has announced it will hold a meeting with creditors to restructure debts due to the pandemic crisis.

Hong Kong.- Casino cruise operator Genting Hong Kong has announced it will hold an online meeting for creditors of the group to define the restructuring of its debts.

According to a filing, at the meeting, the firm will “present and discuss an orderly process for reaching agreement with respect to a solvent, consensual and interconditional restructuring solution for the group”.

The company said previously it would temporarily suspend all payments to financial creditors following the suspension of its cruise business due to the pandemic. As of July 31, outstanding debt stood at US$3.37 billion.

On Friday, the firm’s chairman, Lim Kok Thay, pledged nearly his entire stake in the firm as collateral for loans after Genting Hong Kong’s stock fell 38 per cent as a consequence of the suspension of payments.

A new filing delivered to the Hong Kong bourse says the firm has settled EUR3.7 million (US$4.4 million) in bank fees that as of the August 19 filing had not been paid.

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