Genting Hong Kong subsidiaries enter into insolvency proceedings
Liquidators do not see the group being able to resume cruise operations in the future.
Hong Kong.- Genting Hong Kong has reported that various non-core subsidiaries have entered into insolvency proceedings in the relevant jurisdictions, including Australia, Hong Kong, Malaysia, Singapore and the United States. It added that the sale of several assets, including vessels, is in varying stages of completion. It said it is seeking to maximise value for creditors.
The company said that the liquidators have been working with the group’s creditors and other relevant stakeholders to attract potential investors who may be interested in acquiring the group’s ships and other assets to secure returns for the group’s creditors.
The company said: “The joint provisional liquidators anticipate that further subsidiaries of the group will enter into formal insolvency processes as the group continues with its operations-reduction exercise and the disposal of its assets.”
In January, Genting filed for liquidation after a German court rejected a request to release US$88m for its shipyard unit MV Werften. Earlier this week, Genting Hong Kong sold its Crystal Endeavor cruise ship to the Royal Caribbean Group for US$275m. Once it joins Royal Caribbean’s Silversea Cruises fleet in August, Crystal Endeavor will be renamed Silver Endeavor.
Genting Group chairman, Lim Kok Thay, has launched a new cruise line from Singapore. Making its debut on June 15, the company started out with the cruise ship Genting Dream, which was formerly part of Genting Hong Kong’s Dream Cruises stable.
