Genting HK says various units have filed for bankruptcy

Casino cruise ship operator Genting Hong Kong Ltd said this week that sales of a number of assets, including some of the vessels, were “at various completion stages” to “maximise value and profit” for “the company’s creditors.”

Shares in Genting Hong Kong have been suspended from the Hong Kong exchange since January 18, with Hong Kong’s work now in the hands of a joint provisional liquidator.

The Hong Kong-listed company does not currently operate cruises and liquidators of the group said in a filing on Tuesday that they “do not believe the group will be in a position to resume such operations in the future.”

“For the same reason as above, the group’s various non-core subsidiaries have entered bankruptcy proceedings in relevant jurisdictions, including Australia, Hong Kong, Malaysia, Singapore and [the] United States.”

“Joint provisional liquidators expect additional subsidiaries of the Group to enter formal insolvency proceedings as the Group continues its operational reduction exercise and divestment of assets,” it added

A joint provisional liquidator was appointed on Jan. 20 after filing in a Bermuda court for Genting Hong Kong, which is also an investor in casino resorts in the Philippines.

“The primary duty of the joint provisional liquidators is to maximize the value and profits of the company’s creditors, and the group’s business operations have been significantly reduced as a result of recovery measures initiated by a number of group creditors,” Genting Hong Kong said.

“Creditor recovery measures include some of the group’s collateral creditors taking enforcement action on almost all of the group’s ship assets.”

The company also said liquidators were working with the group’s creditors and other related stakeholders to “recruit potential investors who may be interested in acquiring the group’s ships and other assets to maximize the recovery of the group’s creditors.”

It was reported earlier this week that Royal Caribbean Group will buy the “super-luxury” cruise ship Endeavour for US$275 million. The vessel was originally delivered to Crystal Cruises, a subsidiary of Genting Hong Kong, in 2021. Royal Caribbean said the purchase was being made at a “significantly lower” price than the cost of building the vessel.

In June, a casino cruise brand controlled by Malaysian entrepreneur Lim Kok-tai launched its service in Singapore, just months after Genting Hong Kong, founded by the Lim family, went into a tentative liquidation and Lim resigned as chairman and chief executive of the latter.

A new company, Resorts World Cruise, operates a ship called Genting Dream, which was part of another fleet of Genting Hong Kong subsidiaries.

BY: 안전놀이터

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