The Genting Cruise Lines Genting Dream cruise ship during a media tour while berthed in Hong Kong, July 28 2021. Picture: BLOOMBERG/LAM YIK
The company said in a filing to the Hong Kong Stock Exchange on Thursday that legal proceedings involving a $88m loan facility related to its German shipbuilding unit are still pending a German court ruling set for January 17. The outcome is crucial amid its broader debt crisis, after the firm already halted payments to creditors totalling $3.4bn in August 2020 and was in default of that amount as of December 31 that year.
Genting Hong Kong’s indirect wholly owned subsidiary MV Werften filed for insolvency on Monday to a local court in Germany. That came after salvage talks fizzled amid a dispute between German authorities and Genting, as both parties blamed the other for MV Werften’s collapse and the potential loss of 1,900 jobs. The Hong Kong cruise firm warned investors earlier this week that cross defaults amounting to $2.78bn may follow.
More recently, surges in infections of the omicron variant have brought new challenges for the broader global industry. Ship operators have been operating at reduced capacity amid a number of on-board infections and reports of ships being turned away at ports.
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