The company will hold a virtual meeting to give further information on financial restructuring plans. It asked creditors to refrain from legal action.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- Casino and cruise ship operator Genting Hong Kong has announced it has decided to temporarily suspend all payments to financial creditors.<\/p>\n\n\n\n
Days ago the gaming group announced it expected to report a US$300 million loss for the first half of 2020 due to the pandemic.<\/p>\n\n\n\n
Now the board has said it will need more time to gather the necessary funds to cope with current fiduciary duties and manage the impact of the pandemic, which saw its sailings suspended.<\/p>\n\n\n\n
It said: \u201cAfter careful consultation with its legal and financial advisers\u201d the board had decided to suspend payments to preserve liquidity and \u201ctreat all financial creditors fairly and equitably.\u201d<\/p>\n\n\n\n
The firm said the pandemic \u201chas had and will continue to have a material impact on the financial position and results of operation of the group.\u201d<\/p>\n\n\n\n
It said that although the company has taken action to reduce costs and conserve cash to minimise its exposure, it is still uncertain if its efforts to raise funds will be successful.<\/p>\n\n\n\n
Genting HK\u2019s outstanding financial indebtedness is currently at US$3.37 billion.<\/p>\n\n\n\n
The company said it will hold a virtual meeting with creditors to provide further information and advise on restructuring and refinancing options. It asked creditors to form \u201csteering committee\u201d to represent them, with legal and financial advisors.<\/p>\n\n\n\n
Genting HK asked the creditors to refrain from taking legal action against the company to ease the way for the restructuring process.<\/p>\n","protected":false},"excerpt":{"rendered":"
The company will hold a virtual meeting to give further information on financial restructuring plans. It asked creditors to refrain from legal action.<\/p>\n","protected":false},"author":2,"featured_media":9219,"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 temporarily suspended payments to its financial creditors, citing a US$300 million H1 2020 loss and the ongoing material impact of the pandemic on its cruise and casino operations. With US$3.37 billion in outstanding debt, the company is seeking to preserve liquidity and will hold a virtual meeting to discuss restructuring and refinancing options. It has urged creditors to form a steering committee and refrain from legal action to facilitate the process.","focusai_entities":"Genting Hong Kong","focusai_location":"Hong Kong","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.9), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.85), journalist_researcher (0.92)","focusai_suggestions":[{"label":"Restructuring Timeline?","query":"What is the projected timeline for Genting Hong Kong's financial restructuring process, and what are the key milestones for creditor engagement and resolution?"},{"label":"Impact on Assets?","query":"How might the proposed financial restructuring impact Genting Hong Kong's asset portfolio, including its cruise lines and casino properties, and are divestitures anticipated?"}],"footnotes":""},"categories":[16338,163],"tags":[23716,1619],"class_list":["post-9217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-genting-hong-kong","tag-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9217","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=9217"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9217\/revisions"}],"predecessor-version":[{"id":9226,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9217\/revisions\/9226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9219"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}