A Bermuda court ordered the liquidation of Genting Hong Kong Limited, the operator of the indebted casino cruise ship. News of Friday's move was announced on Monday in a filing in the company's name with approval from the joint temporary liquidators. The order also applies to Dream Cruise Holdings, a subsidiary of Genting Hong Kong.

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In January, Genting Hong Kong filed two petitions with Bermuda's Supreme Court for the liquidation of the company and its subsidiary Dream Cruise. Around the same time, Genting Hong Kong filed for a temporary liquidation appointment with Bermuda. On Jan. 18, its shares were suspended on the Hong Kong Stock Exchange, and have remained in place ever since.

MV Verften Holdings Inc., the group's shipbuilding arm in Germany, filed for bankruptcy in early January. This resulted in a default case under an existing facility contract, which resulted in cross-debt under another financing contract by Genting Hong Kong Group, with total principal amounts slightly above US$2.77 billion.

According to a filing on Monday, the joint temporary liquidators "have been ordered to continue in the role of the company and Dream Cruises, and their powers are not limited."

Genting Hong Kong, part of the Malaysia-based Genting Group, has developed a portfolio of three-brand cruises focused on different market segments such as "Star Cruise," "Crystal Cruise" and "Dream Cruise." However, the business has run into trouble at the same time as travel and tourism disruptions caused by the COVID-19 pandemic.

A filing with the Hong Kong Stock Exchange in August said Genting Hong Kong's joint provisional liquidators were considering an "offer from potential buyers" for the company's stake in the Newport World Resort casino complex in the Philippine capital Manila.

In September, joint provisional liquidators said they had recently approved a trademark disposition linked to the group to Resorts World Inc, a Singapore-registered casino cruise business founded by Malaysian entrepreneur Lim Kok-tai, the founder of Genting Hong Kong.

BY: 메이저사이트