GGRAsia – Various entities have filed for bankruptcy, according to Genting HK


Various entities have filed for bankruptcy, according to Genting HK

Casino cruise ship operator Genting Hong Kong Ltd said this week that the sale of a number of its assets, including some of its ships, is “at various stages of completion” as it seeks to “provide value and yield” for “creditors” to maximize the company”.

Genting Hong Kong shares have been suspended from the Hong Kong Stock Exchange since January 18 and their affairs are currently in the hands of joint provisional liquidators.

In a filing Tuesday, the Hong Kong-listed company said it is not currently operating any cruises and that the group’s liquidators “do not anticipate that the group will be able to resume such operations in the future.”

It states: “In addition to the above, and for the same reasons, various non-core subsidiaries of the group have also initiated bankruptcy proceedings in the relevant jurisdictions including Australia, Hong Kong, Malaysia, Singapore and [the] United States.”

It added: “The joint provisional liquidators anticipate that further subsidiaries of the group will enter formal bankruptcy proceedings as the group continues its activities to scale back operations and divest its assets.”

Joint provisional insolvency administrators were appointed on January 20 for Genting Hong Kong – also an investor in a casino resort in the Philippines to a dish in Bermuda.

“The primary role of the joint provisional administrators is to maximize the value and returns of the company’s creditors, and as a result of recovery actions initiated by a number of the group’s creditors, the group’s operations have been significantly curtailed,” Genting Hong Kong said.

It added: “The creditor recovery actions include certain secured creditors of the group taking enforcement actions against substantially all of the group’s ship assets.”

The company also said that the liquidators have been working with the group’s creditors and other relevant stakeholders “to attract potential investors who may be interested in acquiring the group’s ships and other assets in order to secure returns for the group’s creditors.” to maximize”.

Earlier this week it was reported that Royal Caribbean Group would buy the “ultra-luxury” cruise ship Endeavor for $275 million. The ship was originally delivered to Crystal Cruises, a unit of Genting Hong Kong, in 2021. Royal Caribbean said the purchase was “well below” the ship’s cost to build.

In June, a casino cruise brand controlled by Malaysian entrepreneur Lim Kok Thay started services from Singapore just a few months after Genting Hong Kong, founded by the Lim family, was provisionally liquidated, and Mr. Lim had resigned as chairman and chief executive of the latter company.

The new company – Resorts World Cruises – will operate a ship called Genting Dream, which was part of the fleet of another Genting Hong Kong subsidiary.


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