Genting Hong Kong has confirmed the appointment of joint provisional liquidators to its Asian-based cruise ship subsidiary Dream Cruises after fronting a Bermuda court on Friday.
The liquidators are the same as those recently appointed to oversee Genting Hong Kong after the company failed to access US$88 million in funding from authorities in Germany to continue the operation of its German shipyards and fulfil agreements with creditors.
The provisional liquidators, named as Edward Middleton and Tiffany Wong Wing Sze of Hong Kong’s Alvarez & Marsal Asia Limited and Edward Whittaker of R&H Services Limited in Bermuda, have been tasked with helping to develop and propose a restructuring proposal in respect of Genting Hong Kong’s debts, which include almost US$2.8 billion that formed part of financing arrangements reached with creditors in June last year.
In a Tuesday filing, Genting Hong Kong said those same liquidators have now been appointed to Dream Cruises as well to “amongst other things, develop and propose any restructuring proposal in respect of Dream Cruises’ debts and liabilities.”
The company had also filed a winding up order for Dream Cruises last week but said Tuesday it hoped restructuring would allow the company to continue as a going concern.
Management of both Genting Hong Kong and Dream Cruises are now in discussions with the liquidators to assess the financial condition of the company and the Dream sub-group and to identify potential remediation plans. Dream Cruises boasts three ships in its fleet, with sailings out of Singapore, Hong Kong and Taiwan.
RelatedPosts
