{"id":26232,"date":"2022-01-13T09:19:24","date_gmt":"2022-01-13T12:19:24","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=26232"},"modified":"2026-04-23T12:17:35","modified_gmt":"2026-04-23T15:17:35","slug":"genting-hk-shares-fall-on-concerns-over-default-risk","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-hk-shares-fall-on-concerns-over-default-risk","title":{"rendered":"Genting HK shares fall on concerns over default risk"},"content":{"rendered":"\n

Genting Hong Kong shares plunged 56 per cent after the company\u2019s shipyard located in Germany filed for bankruptcy.<\/p>\n\n\n\n\n\n\n\n

Hong Kong.- After a four-day halt in trading when\u00a0MV Werften Holdings Ltd (MVWH)<\/a>\u00a0announced it filed for insolvency, Genting Hong Kong shares plunged 56 per cent.<\/p>\n\n\n\n

Genting Hong Kong stated the company couldn\u2019t reach an agreement with German authorities <\/strong>to get financial assistance to finish the building of a massive cruise liner.<\/p>\n\n\n\n

Through a statement, the company also said there\u2019s “no guarantee that it will be able to meet its financial obligations\u2026 as and when they fall due”.<\/p>\n\n\n\n

A legal battle involving a US$88m loan arrangement related to its German shipbuilding unit is still awaiting a ruling by a German court scheduled for January 17. <\/p>\n\n\n\n

The result is crucial amid its broader debt crisis, as the company stopped making payments to creditors totalling US$3.4bn in August 2020, an amount that was in arrears as of December 31 of that year.<\/p>\n\n\n\n

The company said it had not received notice from creditors seeking repayment<\/strong> or filing a lawsuit against the company over its financial arrangements as of Thursday’s filing. <\/p>\n\n\n\n

It added that it was unclear whether any of the relevant creditors would choose to do so.<\/p>\n\n\n\n

Last December, Genting HK<\/a> also said that a company related to its chairman Tan Sri Kok Lim had agreed to provide a bridge loan of $30m as part of a restructuring plan reached with creditors.<\/p>\n\n\n\n

The group\u2019s financial woes have also sparked the bankruptcy filing of Lloyd Werft Bremerhaven AG<\/strong>, another shipyard Genting HK owns in Germany.<\/p>\n\n\n\n

Throughout 2020 and 2021 the company was seriously affected by the suspension of Crystal Cruises and Star Cruises operations due to the Covid-19 pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Hong Kong shares plunged 56 per cent after the company\u2019s shipyard located in Germany filed for bankruptcy.<\/p>\n","protected":false},"author":176,"featured_media":17419,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Hong Kong shares plummeted 56% following the bankruptcy filing of its German shipyard, MV Werften Holdings Ltd. The company cited an inability to secure financial assistance from German authorities to complete a cruise liner, exacerbating a broader debt crisis totaling US$3.4bn in arrears. A critical German court ruling on an US$88m loan is pending, further impacting the group's financial stability.","focusai_entities":"Genting Hong Kong, MV Werften Holdings Ltd, Crystal Cruises, Star Cruises, Lloyd Werft Bremerhaven AG, Tan Sri Kok Lim","focusai_location":"Hong Kong, Germany","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.75), investor_analyst (1.0), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Genting Group?","query":"What are the potential ripple effects of Genting Hong Kong's financial distress and shipyard bankruptcies on the broader Genting Group's iGaming and land-based casino operations, particularly regarding capital expenditure and market sentiment?"},{"label":"Restructuring implications?","query":"How might the pending German court ruling on the US$88m loan and the ongoing restructuring plan impact Genting Hong Kong's ability to meet its US$3.4bn financial obligations and attract future investment?"}],"footnotes":""},"categories":[16338,163],"tags":[23716],"class_list":["post-26232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-genting-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=26232"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26232\/revisions"}],"predecessor-version":[{"id":26241,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26232\/revisions\/26241"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17419"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}