Genting Hong Kong creditors to accept recapitalisation package

The company has received an extension on its material financial indebtedness of nearly US$2.6bn.

05/10/21

Genting Hong Kong continues to deal with the impact of Covid-19 countermeasures.

Hong Kong.- Casino and cruise ship operator Genting Hong Kong has announced it has reached a recapitalisation proposal with its stakeholders.

Genting Hong Kong said the agreement will grant the company an extension of a US$2.6bn debt.

Last year, Genting Hong Kong announced it had decided to temporarily suspend all payments to financial creditors.

The group said the new recapitalisation proposal will include a reduction in interest margins and the suspension of amortisation payment requirements of US$1.5bn for at least two years.

The package also guarantees a new US$261.5m loan, which includes a small stake in the company, in order to finish construction of its Crystal Endeavor and Global Dream vessels.

Genting Hong Kong also reported that it hopes to raise nearly US$154m of additional liquidity by December 31, 2021.

Genting Hong Kong reported a net loss of US$1.72bn for 2020.

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