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Genting HK considering asset sell-off to stay afloat
Genting Hong Kong is mulling potential asset sales and debt restructuring to aid its loss-making cruise business still struggling to stay afloat due the Covid-19 pandemic. The business, which operates Star Crruises, Crystal and Dream Cruises, posted a $1.7 billion in 2020, a ten-fold increase in deficit on the year earlier.
It told the HK stock exchange there are ‘material uncertainties which may cast significant doubt about the Group’s ability to continue as a going concern.’
"The cruise industry will undoubtedly struggle in the challenging environment of 2021 and 2022 with the ongoing impact of Covid-19," chairman Lim Kok Thay said.
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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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