Cruise operator Dream Cruises has confirmed it will cease operations from March 2 due to an absence of sustainable operational income.<\/p>\n\n\n\n\n\n\n\n
Singapore.-\u00a0Cruise operator Dream Cruises<\/strong>\u00a0has confirmed it will cease operations from March 2 due to an absence of sustainable operational income.<\/p>\n\n\n\n The company stated: “Despite the continued efforts to source and introduce external funding, the group\u2019s liquidity continues to deteriorate given the absence of sustainable operational income under current challenging circumstances and in the face of mounting creditor pressure which poses an immediate threat to the operation of the vessel.”<\/p>\n\n\n\n The company said it was “assessing the impact of the cessation of operation of the World Dream<\/strong>, in particular its ability to meet potential refund claims.”<\/p>\n\n\n\n In early February,\u00a0Dream Cruises<\/a>\u00a0filed a court petition to be wound up<\/strong> after MV Werften Holdings Ltd (MVWH), the company\u2019s shipyard located in Germany,\u00a0filed for bankruptcy<\/a> in January. Genting Hong Kong\u2019s petition to appoint joint provisional liquidators for the company \u201ctriggered further insolvency of the debts of Dream Cruises and its subsidiaries,\u201d the statement said.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Cruise operator Dream Cruises has confirmed it will cease operations from March 2 due to an absence of sustainable operational income.<\/p>\n","protected":false},"author":176,"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":"Cruise operator Dream Cruises will cease operations from March 2 due to an absence of sustainable operational income and mounting creditor pressure. The company is assessing its ability to meet potential refund claims following its petition to be wound up, a situation exacerbated by the bankruptcy of its shipyard, MV Werften Holdings Ltd, and insolvency actions related to Genting Hong Kong.","focusai_entities":"Dream Cruises, MV Werften Holdings Ltd, Genting Hong Kong","focusai_location":"Singapore, Germany","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.9), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Genting HK Exposure?","query":"What is the estimated financial exposure of Genting Hong Kong to Dream Cruises' liabilities, particularly concerning the MV Werften bankruptcy and potential refund claims, and how might this impact its iGaming and land-based casino assets?"},{"label":"Creditor Recovery Outlook?","query":"Given the winding-up petition and mounting creditor pressure, what is the projected recovery rate for unsecured creditors of Dream Cruises, and what legal precedents might this case establish for cross-border insolvency proceedings?"}],"footnotes":""},"categories":[157,16333],"tags":[23716],"class_list":["post-27700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-genting-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27700","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=27700"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27700\/revisions"}],"predecessor-version":[{"id":27710,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27700\/revisions\/27710"}],"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=27700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=27700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=27700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}