The sale of Genting Hong Kong’s vessel under construction in Germany is one of the priorities in administration proceedings.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- Malaysian tycoon Tan Sri Lim Kok Thay<\/strong>, who resigned from Genting Hong Kong on January 21, is reportedly among several investors interested in acquiring Genting’s partially complete Global Dream cruise ship in ongoing administrative proceedings. The ship is 72 per cent built.<\/p>\n\n\n\n Christoph Morgen<\/strong>, the provisional insolvency administrator appointed to wind up Genting Hong Kong’s German shipyard MV Werften<\/strong>, has said that the sale of the 204,000 gross ton Global Dream cruise ship<\/strong> is one of his priorities.<\/p>\n\n\n\n He told Bloomberg that Lim who is still CEO of Genting Berhad is a potential buyer but that other parties were also in talks to buy the partially constructed cruise liner. However, the likelihood of the ship being sold within the month is slim due to the complexity of the case.<\/p>\n\n\n\n Genting Hong Kong <\/strong>filed for liquidation <\/a>after a German court rejected a request to release US$88m in funds for its German shipyard unit MV Werften. Executive director Chan Kam Hing Chris and company secretary Yung Mei Yee have since left the group\u2019s board<\/a> and Genting Hong Kong\u2019s Crystal Cruises<\/a> is reported to have laid off staff as it proceeds with shutting down its office in Miami. <\/p>\n\n\n\n Genting Hong Kong had secured a loan of \u20ac2.6bn from a consortium headed by KfW IPEX Bank for the construction and financing of Dream Cruises\u2019 two new Global Class vessels. Liquidating the assets is problematic because of how many entities are involved. <\/p>\n\n\n\n The financing package was supported by export credit guarantees from Germany and Finnish export credit agency Finnvera, as well as a guarantee from Germany\u2019s Mecklenburg West Pomerania. BNP Paribas and Citibank were also part of the banking consortium, as was Credit Agricole and Credit Suisse. <\/p>\n\n\n\n Robert Habeck<\/strong>, Germany\u2019s federal economy minister, has said that the government would finance the estimated \u20ac600m needed to complete the construction if Morgen succeeds in attracting a buyer for the ship. He warned, however, that the buyer must be willing to fulfil Germany\u2019s participation requirements.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" The sale of Genting Hong Kong’s vessel under construction in Germany is one of the priorities in administration proceedings.<\/p>\n","protected":false},"author":226,"featured_media":26544,"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 is undergoing liquidation, with its provisional insolvency administrator prioritizing the sale of the 72% complete Global Dream cruise ship from its MV Werften shipyard in Germany. Malaysian tycoon Tan Sri Lim Kok Thay is reportedly among several interested parties, while the complex financing structure involving multiple banks and government export credit agencies complicates the asset disposition process.","focusai_entities":"Genting Hong Kong, Tan Sri Lim Kok Thay, Christoph Morgen, MV Werften, Genting Berhad, Crystal Cruises, KfW IPEX Bank, Finnvera, BNP Paribas, Citibank, Credit Agricole, Credit Suisse, Robert Habeck, Chan Kam Hing Chris, Yung Mei Yee, Dream Cruises","focusai_location":"Hong Kong, Germany, Miami, Mecklenburg West Pomerania, Finland","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.8), operator_casino (0.7), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Valuation Impact","query":"What are the projected valuation impacts of the \u20ac600m government financing commitment on the Global Dream cruise ship, considering Germany's participation requirements for potential buyers?"},{"label":"Cross-Border Insolvency","query":"How will the multi-entity, cross-border financing structure involving various banks and export credit agencies complicate the asset liquidation and creditor recovery process for Genting Hong Kong?"}],"footnotes":""},"categories":[157,16338,158],"tags":[23716],"class_list":["post-27319","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\/27319","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\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=27319"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27319\/revisions"}],"predecessor-version":[{"id":27328,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27319\/revisions\/27328"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26544"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=27319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=27319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=27319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}