{"id":26944,"date":"2022-02-03T11:30:50","date_gmt":"2022-02-03T14:30:50","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=26944"},"modified":"2026-04-23T11:38:06","modified_gmt":"2026-04-23T14:38:06","slug":"gentings-dream-cruises-files-a-court-petition-to-be-wound-up","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/gentings-dream-cruises-files-a-court-petition-to-be-wound-up","title":{"rendered":"Genting’s Dream Cruises files a court petition to be wound up"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n\n\n\n\n

Singapore.- Dream Cruises has confirmed it has\u00a0filed a court petition to be wound up<\/strong>. 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.<\/p>\n\n\n\n

The announcement arrives a week after\u00a0Crystal Cruises suspended the operations<\/a>\u00a0of its Ocean and Expedition ships.\u00a0In 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.<\/p>\n\n\n\n

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\u00a0<\/strong>to assess the financial condition of Genting Hong Kong and Dream Cruises’ subsidiaries.<\/p>\n\n\n\n

A few days ago, Tan Sri Lim Kok Thay, former chairman, chief executive officer and executive director of Genting Hong Kong,\u00a0blamed the German government<\/a>\u00a0for the company\u2019s bankruptcy.<\/p>\n\n\n\n

As part of a restructuring deal last year, Germany\u2019s former government agreed to provide an RM2.598bn (US$620m) line of credit to help MV Werften Holdings Ltd<\/a> continue to build the cruise ship Global Dream. However, when Germany\u2019s new government took office in December, it proposed an alternative arrangement, which Lin described as \u201cunreasonable\u201d, and sought personal guarantees.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":176,"featured_media":20685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Dream Cruises has filed a winding-up application, triggered by Genting Hong Kong's petition to appoint joint provisional liquidators, despite prior assurances regarding its operations. This development follows Crystal Cruises' suspension of operations and highlights the broader financial distress within Genting Hong Kong, partly attributed to a dispute over German government financing for MV Werften Holdings Ltd.","focusai_entities":"Dream Cruises, Genting Hong Kong, Crystal Cruises, MV Werften Holdings Ltd, Tan Sri Lim Kok Thay, German government","focusai_location":"Singapore, Germany","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.9), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.8)","focusai_suggestions":[{"label":"Restructuring Outlook","query":"What are the specific implications of the joint provisional liquidators' assessment for Dream Cruises' creditors and the potential for future commercial transactions, given the stated value of the subsidiary?"},{"label":"Government Impact","query":"How might the German government's revised financing terms for MV Werften Holdings Ltd influence future state-backed corporate rescue efforts and risk assessment in the maritime or broader leisure sectors?"}],"footnotes":""},"categories":[163,158,16333],"tags":[229,23716],"class_list":["post-26944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-slider-home","category-south-east-asia-news","tag-gambling","tag-genting-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26944","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=26944"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26944\/revisions"}],"predecessor-version":[{"id":26963,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26944\/revisions\/26963"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20685"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}