Genting’s Dream Cruises files a court petition to be wound up
Cruise operator Dream Cruises has filed a winding-up application with the court despite Genting Hong Kong previously saying its cruise line’s operations would not be affected.
Singapore.- Dream Cruises has confirmed it has filed a court petition to be wound up. Genting Hong Kong’s petition to appoint joint provisional liquidators for the company “triggered further insolvency of the debts of Dream Cruises and its subsidiaries,” the statement said.
The announcement arrives a week after Crystal Cruises suspended the operations of its Ocean and Expedition ships. In a statement, Genting Hong Kong stated it was seeking the appointment of joint provisional liquidators to develop and propose any restructuring plans related to Dream Cruises’ debt and liabilities.
The company also stated the Dream Cruises subsidiary remains valuable and there is a possibility of future commercial transactions that could benefit creditors. It said the joint provisional liquidators are analysing the situation to assess the financial condition of Genting Hong Kong and Dream Cruises’ subsidiaries.
A few days ago, Tan Sri Lim Kok Thay, former chairman, chief executive officer and executive director of Genting Hong Kong, blamed the German government for the company’s bankruptcy.
As part of a restructuring deal last year, Germany’s former government agreed to provide an RM2.598bn (US$620m) line of credit to help MV Werften Holdings Ltd continue to build the cruise ship Global Dream. However, when Germany’s new government took office in December, it proposed an alternative arrangement, which Lin described as “unreasonable”, and sought personal guarantees.
