Cruise owner Genting Hong Kong files to wind up business

Wednesday, Jan 19, 2022 0

Genting Hong Kong has filed to wind up the business, putting the future of its three cruise brands in doubt.

Genting HK was unable to secure funding to pay debts and its German shipbuilding subsidiary MV Werften was became insolvent last week.

The company could default on US$2.78 billion.

Genting said it had ‘exhausted all reasonable efforts’ to keep the business afloat in its present form.

It owns luxury line Crystal Cruises as well as Asia-based Dream Cruises and Star Cruises.

It posted a loss of US$1.7 billion in 2020.

The company said Dream Cruises and other subsidiaries will continue operating ‘in order to preserve and protect the core assets.’

"However it is anticipated that majority of the Group’s existing operations will cease to operate," it said in a statement.



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TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.



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