Genting Hong Kong names liquidators, as US$2.78 billion of debt triggered by bankrupt shipyard forced ‘Cruise to Nowhere’ operator to wind up
- The owner of Dream Cruise Holding appointed Alvarez & Marsal’s Edward Simon Middleton and Tiffany Wong Wing-sze as provisional liquidators
- Genting Hong Kong’s winding-up petition and appointment of provisional liquidators will be heard by the Supreme Court of Bermuda at 2.30pm local time on January 20
Genting Hong Kong has filed a winding-up petition in Bermuda, after the bankruptcy of its shipyard in Germany triggered US$2.78 billion of debt and forced Asia’s largest operator of sea cruises to be liquidated.
The owner of Dream Cruise Holding appointed Alvarez & Marsal’s Edward Simon Middleton and Tiffany Wong Wing-sze as provisional liquidators, according to a filing on Wednesday to the Hong Kong stock exchange. Alvarez & Marsal declined to comment when contacted by the Post.
“Certain business activities, including but not limited to the operations of cruise lines by Dream Cruises, shall continue in order to preserve and protect the core assets and maintain the value of the [company],” Genting said, as financing is anticipated to dry up by the end of January. “However, it is anticipated that the majority of the existing operations will cease to operate.”
Genting Hong Kong’s winding-up petition and appointment of provisional liquidators will be heard by the Supreme Court of Bermuda at 2.30pm local time on January 20 . Trading in the company’s shares rose 5 per cent to 41.5 Hong Kong cents on Monday before trading was halted on Tuesday.
02:42
Inside Hong Kong’s first ‘cruise to nowhere’
“It is a shock to me,” said Charles Tam, a loyal customer of Genting cruises for over 10 years who had taken a trip with his wife every month. “I had booked three trips with Genting cruises in January and February, and all needed to be rescheduled to a later stage due to the fifth wave of [Covid-19].”