It appears that the COVID-19 pandemic has claimed its latest victim.
So lest you’re unaware, numerous corporations have folded under the immense financial pressure of late. And though some actually managed to rebuild their fortunes…
…others, such as Genting Hong Kong, ultimately failed to make the cut.
Cruise Operator Genting Hong Kong Has Filed to Wind Up Company
Earlier today (19 January 2022), Genting Hong Kong announced that it has filed to wind up the company.
The move, the company said, came after futile efforts in regards to negotiations with its stakeholders and creditors.
Lest you’re unaware, there had been a case of insolvency pertaining to its German shipbuilding subsidiary, MV Werften. This led to defaults under Genting Hong Kong’s Global 1 credit facility, which in turn led to cross-default of some USD$2.78 billion (~S$3.75 billion).
MV Werften had reportedly gone for insolvency after a failed attempt to procure finances for its Global One mega-liner. Genting Hong Kong claimed that the German government, as well as the German federal state of Mecklenburg-Vorpommern, had held back US$336 million (~S$453 million) in funding.
Extra pre-conditions imposed in December are believed to have been the cause of the “conflict”.
Later on, the German government claimed that Genting Hong Kong had turned down its proffered assistance.
What Now?
If you’re an ardent supporter of all things cruise-related, you may be aware of Genting Hong Kong’s grand “lineage”. Apart from the Star Cruises, they also own the Dream Cruises and the Crystal Cruises lines. And that begets the question; what now for those lines?
Apparently, certain business activities will continue to run. The cruise lines by Dream Cruises Holding Limited, for instance, will not discontinue.
However, they have warned that majority of the existing operations will ultimately discontinue.
Join our Telegram channel for more entertaining and informative articles at https://t.me/goodyfeedsg or download the Goody Feed app here: https://goodyfeed.com/app/
Signs
Yet, the move may not have entirely been an unforeseen one.
Back in May 2021, Genting Hong Kong had reported a net loss of some US$1.7 billion (~S$2.3 billion) in 2020. The cause was attributed to the extensive travel restrictions amidst the pandemic.
Genting Hong Kong is also not the only corporation to have suffered from the pandemic’s repercussions.
Back in October 2020, Robinsons announced that they will be closing down their last two outlets in Singapore. This will be done through liquidation, which involves selling off their assets to gain revenue.
It signified their complete exit from the scene after 162 years of service.
Apart from weak demand, the company also cited the presence of the pandemic as a deciding factor.
Read Also:
- NOC Now Has a New Website With Ryan & Aiken Missing from Its Team
- 10 Facts About the OCBC SMS Phishing Incident That Has Reportedly Wiped Out Some People’s Life Savings
- Chicken Hotpot Responded With CCTV Footage & Screenshots; Customer Rebutted Their Claims
- Vivian Hsu Appeared to Make a Dig at Lee Jinglei With Her New Comments
Featured Image: EQRoy / Shutterstock.com
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
Read Also:
- Salon Allegedly Charged $880 Treatment Package to Elderly Who Has Hearing Difficulties
- Man Replaces M’sia-Registered Car With a S’pore Plate & Drives It Without a Driving Licence
- Confirmed: Allianz Withdraws Its Offer to Buy Income Insurance
- 10th Floor Resident Leaves Baby Stroller On Air Conditioner Compressor
- $400 Worth of Durians Delivered to Customer; Customer Allegedly Takes Durians Without Making Payment
- Woman Borrows Touch ‘N Go Card From S’pore Driver to Cross JB Checkpoint & Didn’t Return Card
Advertisements
