The Hong Kong cruise firm warned investors that cross defaults amounting to $2.78 billion may follow. Genting Hong Kong controlled by Malaysian billionaire Lim Kok Thay has filed to wind up the operator of Star Cruises after it failed to secure financing and its German shipyard unit MV. The developments in Germany triggered a cross-default of Genting HKs US$2.78 billion borrowings which led to it filing for provisional liquidation. Genting Hong Kong is preparing to file for provisional liquidation after failing to secure US$88 million in funding to help it stay afloat, following an insolvency at its German shipbuilding subsidiary. Provisional liquidators have then been appointed for the restructuring of Genting HK. NON-COMPLIANCE WITH RULE 3.27A OF THE LISTING RULES. Separately, Genting Hong Kong said that Alan Smith, Lam Wai Hon, Ambrose and Justin Tan have resigned as independent non-executive directors and as such have ceased to be members of the companys audit, remuneration and nomination committees. (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited), The Stock Exchange of Hong Kong Limited (the. Created: Oct 19, 2022 06:16 AM. You are now being redirected to the BCE.ca website (Bell Canada Enterprises), where you can view our Accessibility plan,and submit your feedback using our Accessibility webform. At the time, it was expected a liquidity gap could arise around 2024. While other major cruise operators have resumed sailings as the pandemic restrictions eased, Hong Kongs COVID-zero policy hampered Genting HKs recovery. Genting cruise unit on brink of liquidation after court defeat The Exchange announces that the listing of the Company's shares will be cancelled with effect from 9:00 am on 16 May 2023 under Rule 6.01. As of Wednesday morning, Crystal vessels continue to operate. In its filing with the Hong Kong stock exchange, the company said it was seeking an order from the Bermuda court that will oversee the liquidation process to authorize its liquidators to "assist the company in developing and proposing a restructuring of the [company's] financial indebtedness in a manner designed to allow the company to continue as a going concern. By continuing to browse this website, you agree to our use of cookies. In a filing with the. The company had warned it may not be able to meet its financial obligations if it didn't get the loan and last week its German shipyards, MV Werften and Lloyd Werft Bremerhaven, filed for insolvency. RHB is among three Malaysian banks that could potentially take a major hit from Genting Hong Kongs liquidation filing. At the time, it was expected a liquidity gap could arise around 2024. Genting Hong Kong warns of potential liquidation - GlobalCapital Asia Emilie Kennedy, by Lam Yik | Bloomberg | Getty Images Cruise operator. Genting Hong Kong Files Bankruptcy to Prevent "Disorderly Liquidation" The Exchange advises shareholders of the Company who have any queries about the implications of the delisting to obtain appropriate professional advice. The JPLs said the asset-disposal process of the other major assets of the group is at varying stages of completion. Number 8860726. Genting HK has been in lengthy negotiations with creditors and other stakeholders that so far haven't succeeded. ", Genting Hong Kong said the liquidators would "seek to avoid a disorderly liquidation of the company.". This is a BETA experience. They added: On 31 August, 2022, the entire issued capital of Star Market, the principal business of which is to hold trademarks and intellectual property rights for the group, was disposed. The financial health of Genting Hong Kong deteriorated after Covid-19 wiped out travel demand and cruise operations were halted globally. The company, which has offered seacations amid a cruise-to-nowhere trend, reported a record loss of $1.7 billion last May. Wednesday, 19 Jan 2022 SINGAPORE: Genting Hong Kong Ltd warned it may seek court assistance to safeguard its assets, after failing to secure funding to help it stay afloat following the insolvency of its German shipbuilding subsidiary. ORDER RECOGNISING APPOINTMENT OF THE JOINT PROVISIONAL LIQUIDATORS OF GENTING HONG KONG LIMITED. 25th July 2022 | By muhammadcohen2 Experts, regulators say other Genting companies and group chairman Lim Kok Thay face no real threat while cruises get a welcome relaunch, Muhammad Cohen writes. 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The petition was filed and signed by Thay with the Hong Kong exchange after a last-ditch effort to recover $88 . Alliance Global, which has been in talks to acquire its partners stake in the property for about a year now, will have 100% ownership of the property once the deal is completed. Given the global scale of Genting HKs business, it will be intriguing to see how the insolvency proceedings in multiple jurisdictions play out. Torsten Braner, LL.M. Linked to Genting Hong Kong's liquidation woes, RHB touts its financial The Companys liquidators did not have any plan to meet all other resumption guidance and requested the Exchange to exercise its discretion to delist the Company immediately (Request). Malaysian-listed Genting partially owned by Malaysian tycoon Lim Kok Thay, who holds 75.5 per cent of Genting Hong Kong has stated that Genting Hong Kongs borrowings have no cross-default provisions, guarantees or structures that may affect the group. HONG KONG -- Genting Hong Kong, the cruise line arm of Malaysian tycoon Lim Kok Thay's global gambling empire, plans to file for liquidation on Tuesday in Bermuda. Lim Kok Thay, the former chairman of Genting Hong Kong Ltd, which slid into provisional liquidation last week, has accused the German government of walking away from a promise to provide capital . Bermudian-based Alex Whittaker, of R&H Services Limited in Hamilton, as well as Edward Middleton and Tiffany Wong, of Alvarez and Marsal in Hong Kong, issued the update for and on behalf of Genting Hong Kong Limited (in liquidation), which has been ordered to be wound up by the Supreme Court of Bermuda. Additionally please clear both your browser's cache and cookies -. Background Genting Hong Kongs indirect wholly-owned shipbuilding subsidiary, MV Werften, filed for insolvency to a local court in Germany last week. Is Your Business Listed On TTGmice Planner Online? See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take . In the filing with the Hong Kong stock exchange, Genting Hong Kong said some of its business activities including "but not limited to" the operations of Dream Cruises would continue as its liquidators pursue a financial restructuring "in order to preserve and protect the core assets and maintain the value" of these assets during the process. Genting Hong Kong is part of a bigger parent company that also includes Genting Malaysia, which owns most of the Resorts World casino resorts around the world. The move comes after a German court rejected . by Compare the cost in points or miles to cash, and see which option is best. But it's not the only one. by Genting Hong Kong Ltd. has filed to wind up the company in one of the biggest stumbles by a cruise operator globally after the pandemic ravaged the industry and drove its German shipbuilding. Genting Hong Kong's liquidation filing came just a week after its German shipbuilding subsidiary MV Werften went into insolvency, a development that triggered cross-defaults for the entire group's various financing arrangements amounting to more than US$2.7 billion, the Straits Times reported. Alliance Global holds Tans interest in Megaworld, one the countrys biggest property developers; Emperador, owner of Spains Bodegas Fundador, the worlds No. DCHL was incorporated in Bermuda in 2015. Genting Hong Kong warns it may file for liquidation today, MV Werften's filing gave rise to an event of default for the, pursuant to their respective financing arrangements, adding it was unclear, Previous restructuring completed June 2021. The Stock Exchange of Hong Kong Limited (the Exchange) announced that with effect from 9:00 am on16 May 2023, the listing of the shares of Genting Hong Kong Limited (In Liquidation) (the Company) will be cancelled under Rule 6.01. Lines and paragraphs break automatically. Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG's experts. Do Not Sell or Share My Personal Information. You must be Registered or Signed in to post comment or to vote. In January, Genting Hong Kong's wholly-owned shipbuilding subsidiary filed for bankruptcy at a German court. The statement by the JPLs was filed with the Hong Kong Stock Exchange. Newport World Resorts, formerly Resorts World Manila, is benefiting from a post-pandemic tourism [+] boom. Registered in England and Wales. A major operator of cruise lines in Asia has begun liquidation due to 24/5/2022. In August 2020, Genting HK was forced to suspend all payments to creditors in an effort to shore up its liquidity. Star Cruises owner Genting Hong Kong may file for liquidation as That led the industry to carry out a string of restructuring and insolvencies. The Genting Cruise Lines Genting Dream cruise ship during a media tour while berthed in Hong Kong, China, on Wednesday, July 28, 2021. -Environmental, Social and Governance Report, WINDING-UP OF THE COMPANY AND DREAM CRUISES, CONNECTED TRANSACTION DISPOSAL OF STAR MARKET HOLDING LIMITED, DELAY IN PUBLICATION OF THE 2022 INTERIM RESULTS AND DELAY IN DESPATCH OF THE 2022 INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2022, (1) FURTHER DELAY IN PUBLICATION OF THE 2021 AUDITED ANNUAL RESULTS AND DESPATCH OF THE 2021 ANNUAL REPORT; (2) DELAY IN PUBLICATION OF THE 2021 UNAUDITED RESULTS; AND (3) CONTINUED SUSPENSION OF TRADING, ORDER RECOGNISING APPOINTMENT OF THE JOINT PROVISIONAL LIQUIDATORS OF GENTING HONG KONG LIMITED, NON-COMPLIANCE WITH RULE 3.27A OF THE LISTING RULES, DELAY IN PUBLICATION OF THE 2021 AUDITED ANNUAL RESULTS AND DELAY IN DESPATCH OF THE 2021 ANNUAL REPORT, (1) RESUMPTION GUIDANCE AND (2) CONTINUED SUSPENSION OF TRADING, APPOINTMENT OF PROVISIONAL LIQUIDATORS OF DREAM CRUISES, DATE OF THE EX PARTE HEARING IN RESPECT OF THE APPLICATION FOR THE APPOINTMENT OF PROVISIONAL LIQUIDATORS OF DREAM CRUISES, INSIDE INFORMATION: FILING OF THE WINDING UP PETITION AND APPLICATION FOR THE APPOINTMENT OF PROVISIONAL LIQUIDATORS OF DREAM CRUISES AND CONTINUED SUSPENSION OF TRADING, RESIGNATION OF EXECUTIVE DIRECTOR, COMPANY SECRETARY AND AUTHORISED REPRESENTATIVES AND CHANGE OF PROCESS AGENT, RESIGNATION OF CHAIRMAN, CHIEF EXECUTIVE OFFICER, DEPUTY CHIEF EXECUTIVE OFFICER, GROUP PRESIDENT, EXECUTIVE DIRECTORS AND MEMBERS OF THE REMUNERATION COMMITTEE AND NOMINATION COMMITTEE, (1) INSIDE INFORMATION: APPOINTMENT OF JOINT PROVISIONAL LIQUIDATORS; AND (2) CONTINUED SUSPENSION OF TRADING, INSIDE INFORMATION: FILING OF THE WINDING UP PETITION OF THE COMPANY AND APPLICATION FOR THE APPOINTMENT OF PROVISIONAL LIQUIDATORS AND SUPPLEMENTAL INFORMATION ON THE RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTORS AND CONTINUED SUSPENSION OF TRADING, (1) RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTORS AND MEMBERS OF AUDIT COMMITTEE, REMUNERATION COMMITTEE AND NOMINATION COMMITTEE; (2) INSIDE INFORMATION: UPDATE ON LEGAL PROCEEDINGS INVOLVING DRAWDOWN OF US$88,000,000 BACKSTOP FACILITY; (3) THE POSSIBLE FILING OF PROVISIONAL LIQUIDATION OF THE COMPANY; AND (4) SUSPENSION OF TRADING, (1) INSIDE INFORMATION: UPDATE ON LEGAL PROCEEDINGS INVOLVING DRAWDOWN OF US$88,000,000 BACKSTOP FACILITY AND (2) RESUMPTION OF TRADING, VOLUNTARY ANNOUNCEMENT - LEGAL PROCEEDINGS INVOLVING DRAWDOWN OF US$88,000,000 BACKSTOP FACILITY.
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