Genting Hong Kong gets subsidy from Germany

10/08/20

The cruise line has requested US$670 million but for now received only US$226million in government aid during the pandemic.

Hong Kong.- The cruise line operator Genting Hong Kong has received a subsidy from the German Covid-19 stabilisation fund to continue operating out of its MV Werften shipyard until at least March 2021.

Over 3,100 people work at this location, from which the firm operates the brands Star Cruises, Dream Cruises and Crystal Cruises.

Genting HK had asked for a €570 million euros (US$670 million) in aid, but for now has received €193 million (US$226.87 million). According to Nikkei Asia, it was the largest sum requested in subsides by any foreign company in Germany during the pandemic.

The company froze payments to creditors in August to deal with the financial impact of the pandemic and travel restrictions. As of July 31, its outstanding debt stood at US$3.37 billion.

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Cruises Genting Hong Kong