Genting Hong Kong to receive $30m bridging loan
The casino cruise ship operator has announced it has agreed a $30m bridging loan from a company connected to its chairman Tan Sri Kok Lim.
Hong Kong.- Genting Hong Kong Limited has said that a company related to its chairman Tan Sri Kok Lim has agreed to provide a bridge loan of $30m as part of a restructuring plan reached with creditors. The company said in a statement that the interest on the loan will be the London interbank offered rate plus an annual interest rate of 9 per cent.
The company reported that revenue decreased to US$182.3m for H1, while the company’s consolidated operating loss was US$258.6m. As a result, the casino cruise ship operator was actively looking for new funding sources due to the uncertainty surrounding the appearance of new outbreaks of Covid-19 in the region.
The cruise ship operator resumed sailings in Hong Kong on July 30 after having all of its staff vaccinated against Covid-19 as required by the Hong Kong government. Passengers must be fully vaccinated before sailing.
