Genting Hong Kong creditors to accept recapitalisation package
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.
