{"id":26387,"date":"2022-01-19T09:24:50","date_gmt":"2022-01-19T12:24:50","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=26387"},"modified":"2026-04-23T12:07:30","modified_gmt":"2026-04-23T15:07:30","slug":"genting-hong-kong-confirms-filing-for-bankruptcy-protection","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-hong-kong-confirms-filing-for-bankruptcy-protection","title":{"rendered":"Genting Hong Kong confirms filing for bankruptcy protection"},"content":{"rendered":"\n<p>The company says it has &#8220;exhausted all reasonable efforts&#8221; to negotiate with its creditors and stakeholders.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Hong Kong.-\u00a0<strong>Genting Hong Kong\u00a0<\/strong>has issued a statement confirming it has\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/genting-hong-kong-considers-filing-for-liquidation\">filed for liquidation<\/a>\u00a0after a German court rejected a request to release US$88m in funds for its German shipyard unit MV Werften. The cruise ship operator said the petition was essential to &#8220;maximise the chance of success of the financial restructuring and to provide a moratorium on claims by any of its unsecured creditors and to seek to avoid a disorderly liquidation of the company.&#8221;\u00a0<\/p>\n\n\n\n<p>According to the statement, the majority of the company&#8217;s existing operations will cease to operate except for cruise lines by Dream Cruises Holding Limited that shall continue &#8220;to preserve and protect the core assets and maintain the value of the Group.&#8221;<\/p>\n\n\n\n<p>The company said no definitive agreements on a solvent, consensual and inter-conditional restructuring solution had been reached.<\/p>\n\n\n\n<p>The company\u2019s\u00a0available cash balances are expected to run out on or around the end of January according to the Company\u2019s cash flow forecasts. Genting Hong Kong said last week that<strong>\u00a0the bankruptcy filing would trigger a cross-default event<\/strong>\u00a0under Genting Group\u2019s financing arrangement, amounting to US$2.78bn.<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/genting-hk-shares-fall-on-concerns-over-default-risk\">The company shares plunged 56 per cent<\/a>\u00a0after the company\u2019s shipyard located in Germany filed for bankruptcy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company says it has &#8220;exhausted all reasonable efforts&#8221; to negotiate with its creditors and stakeholders.<\/p>\n","protected":false},"author":176,"featured_media":26406,"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 has initiated liquidation proceedings after a German court denied critical funding for its MV Werften shipyard unit, leading to the cessation of most operations, excluding Dream Cruises. This action triggers a US$2.78bn cross-default event across the broader Genting Group's financing arrangements, signaling significant financial distress and complex restructuring challenges. The company anticipates exhausting its cash reserves by the end of January.","focusai_entities":"Genting Hong Kong, MV Werften, Dream Cruises Holding Limited, Genting Group","focusai_location":"Hong Kong, Germany","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.9), operator_casino (0.85), investor_analyst (0.98), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Genting Group iGaming Impact?","query":"What are the specific implications of Genting Hong Kong's liquidation and the US$2.78bn cross-default event for the financial stability and operational continuity of Genting Group's iGaming and land-based casino verticals?"},{"label":"Capital Market Access?","query":"How will this high-profile liquidation of a major cruise operator impact the broader hospitality and leisure sector's access to capital markets, particularly for entities with diversified portfolios?"}],"footnotes":""},"categories":[157,16338,158],"tags":[23716],"class_list":["post-26387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-genting-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26387","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=26387"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26387\/revisions"}],"predecessor-version":[{"id":26395,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26387\/revisions\/26395"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26406"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}