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German Cruise Ship Builder Owned By Malaysian Billionaire Lim Kok Thay’s Genting Files For Bankruptcy

Sumary of German Cruise Ship Builder Owned By Malaysian Billionaire Lim Kok Thay’s Genting Files For Bankruptcy:

  • The Genting Dream cruise ship operated by Genting Hong Kong at the Marina Bay Cruise Center in .
  • As the travel industry grappled with the lingering impact of the Covid-19 pandemic, Genting Hong Kong sought additional financing to complete the construction of the 342-meter-long cruise ship, dubbed the Global Dream, which could accommodate as many as 9,500 passengers.
  • While agreements were secured with creditors in June 2021, Euler Hermes, the German government’s export credit insurance agency, refused to confirm the insurance coverage for the funding facility, preventing creditors from disbursing the loan in December, the operator of Star Cruises said in a regulatory filing on Monday.
  • “The company understands that Euler Hermes’ refusal is based on a business review into the five-year outlook of the group prepared at the request of Euler Hermes which considered various stress scenarios affecting the group, including a persistent and sustained reduction in business activities as a result of Covid-19,” Genting Hong Kong said.
  • Such a business review was not a pre-condition for Euler Hermes’ insurance coverage under the financing agreement, it added.
  • With the refusal of Euler Hermes to provide for insurance cover and the German government’s move to replace the financing facility with a new financing proposal that imposes additional conditions, Genting Hong Kong said its unit MV Werften filed for insolvency proceedings with the German courts on Monday.

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