by Denise Wee (Bloomberg) Genting Hong Kong Ltd., a cruise ship operator, will temporarily suspend all payments to its creditors, which will likely result in events of defaults, it said in a stock exchange filing.
Its shares slid as much as 20% Thursday morning.
“Such events of default would give rise to a right for requisite creditors of the Group to declare that the financial indebtedness owed to them are immediately due and payable,” the company said in a filing.
The company is part of the the Genting group, backed by Malaysian tycoon Lim Kok Thay. Earlier this year as the pandemic spread, coverage of passengers being quarantined on ships such as its World Dream created a public relations disaster.
As of July 31, the outstanding financial indebtedness of the group is at $3.37 billion. The company’s units have also failed to pay 3.7 million euros ($4.4 million) for the financing of ships, it said in the filing.
The financial stress is evidence of further signs of strain companies in the region face as Covid-19 upends their businesses. The pandemic resulted in the suspension of sailing globally, according to Genting Hong Kong.
Dive into a sea of information with our meticulously curated weekly “Dispatch” email. It’s more than just a newsletter; it’s your personal maritime briefing.
Dive into a sea of information with our meticulously curated weekly “Dispatch” email. It’s more than just a newsletter; it’s your personal maritime briefing.
By Jim Wyss (Bloomberg) –Royal Caribbean Cruises Ltd. is suspending visits to its private enclave in Haiti as gang violence and lawlessness grip the country’s capital. Eight sailings through March 18...
(Bloomberg) — Norwegian Cruise Line Holdings rose in pre-market trading after issuing its initial financial guidance for 2024 ahead of Wall Street expectations due to strong demand for its cruises....
By Kamlesh Bhuckory Feb 25, 2024 (Bloomberg) –A vessel belonging to Norwegian Cruise Line Holding Ltd. was prevented from docking at Mauritius’ main port due to sanitary concerns after some passengers...
February 25, 2024
Total Views: 35444
Why Join gCaptain Club?
Be Informed: Stay updated with the latest maritime news and trends.
Connect: Network with a community of maritime professionals and enthusiasts.
Gain Insights: Receive exclusive content and personal perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.