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Genting Hong Kong, stricken operator of Dream Cruises and Cruise to Nowhere, will be liquidated, Bermuda Court rules
- In January the company filed a winding-up petition in Bermuda, after the bankruptcy of its shipyard in northeastern Germany
- It is one of the biggest pandemic casualties in Asia’s tourism industry, which has been bruised by more than two years of travel restrictions
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Debt-laden Genting Hong Kong has been ordered by a Bermuda Court to be wound up, marking the start of the last chapter in the history of Asia’s largest cruise operator as an independent business entity.
“The company and [subsidiary] Dream Cruises were ordered to be wound up by the Bermuda Court on 7 October in accordance with section 161 of the Companies Act,” Genting said in a filing to the Hong Kong stock exchange on Monday.
Edward Middleton and Tiffany Wong Wing-sze of Alvarez & Marsal Asia, and Edward Whittaker of R&H Services will continue to be the joint provisional liquidators of Genting Hong Kong and Dream Cruises, it added.
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Trading of the company’s shares will remain suspended. They have not been allowed to change hands since January 18 and last traded at 41.5 HK cents.
In January this year, the company filed a winding-up petition in Bermuda, after the bankruptcy of its shipyard in northeastern Germany triggered US$2.78 billion of debt repayment demands from creditors. A bailout by the German government fell through.
02:42
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It is one of the biggest casualties in Asia’s tourism industry, which has been bruised by more than two years of social-distancing measures designed to contain wave after wave of the Covid-19 pandemic.
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