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.
