Genting Files to Wind Up Company, Cash Running Out

Genting Hong Kong has filed to wind up its company as it warned investors cash would run out by the end of January, as the company said it had exhausted all efforts for fundraising.

Genting said it had  “exhausted all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements.” in a filing on Wednesday.

Genting did stress that certain operations would continue, including Dream Cruises, as it aims to “preserve and protect the core assets and maintain the value of the Group; however it is anticipated that majority of the Group’s existing operations will cease to operate.”

Earlier this month, Genting-owned MV Werften filed for insolvency in Germany.

Genting’s winding-up petition and appointment of provisional liquidators will be heard by the Supreme Court of Bermuda on Jan. 20.

 

 

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