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Crystal Cruises parent Genting HK set to file for liquidation
Crystal Cruises owner Genting Hong Kong seems likely to file for liquidation.
A German court denied its demand for $88 million financing Genting HK says was previously agreed.
Without a last-minute reprieve it will go ahead with the filing.
"The relevant counterparties’ failures to perform their binding contractual obligations have created an immediate and significant gap in the liquidity resources of the group," majority owner Lim Kok Thay said.
"The company considers that it has exhausted all reasonable efforts."
Genting HK’s MV Werften shipbuilding business in Germany is now insolvent.
However, German officials blamed Genting HK’s rejection of a new financing plan offered.
"The board believes that the appointment of provisional liquidators is essential, and in the interests of the company, its shareholders and its creditors, in order to maximize the chance of success," Lim said.
MV Werften was the company’s in-house shipbuilder for its three cruise lines.
The Genting Cruise Lines division runs Crystal as well as Asia-based Dream Cruises and Star Cruises.
Genting HK shares sank 56% last week.
Lim also owns Malaysia based Genting Bhd which owns casino resorts globally including in Las Vegas, the Philippines and the UK.
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