FRANKFURT, Jan 12 ― Asian tourism and casino group Genting accused a German state of failing to pay out money promised as part of a rescue plan for its now-insolvent shipbuilding subsidiary MV Werften.
According to Genting, the state linked the payment to conditions that were not in the original contract, including increasing Genting's own contribution to the rescue package from €30 million to €60 million. The state also said that the June agreement extended a credit line of up to €148 million, while the shipbuilder's funding gap had risen to €600 million.
Until recently the company was engaged in negotiations with stated and federal government to try and reach an agreement on a financial support package to finish the mega-liner, 80 percent built up to now.
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