The Asia-Pacific region casino cruise ship World Dream (pictured) under Genting Hong Kong’s Dream Cruise brand will be shut down from Wednesday (March 2), when it currently ends operations. Genting Hong Ltd said in a press release Monday that this was because the brand was experiencing “an absence of sustainable operating revenue.”
Worldwide, the cruise line segment has been severely impacted by the COVID-19 pandemic.
“Despite ongoing efforts to raise and introduce external financing, the group’s liquidity continues to deteriorate in the face of the current challenging situation with no sustainable operating revenue and increasing creditor pressure that poses an immediate threat to ship operations,” Genting Hong Kong said.
“In this situation, it has become impossible for the company to make the necessary additional financial commitments to ensure that the World Dream continues to operate,” the statement added.
A joint provisional liquidator was appointed on Jan. 20 after filing in a Bermuda court for Genting Hong Kong, which is also a joint casino operator in the Philippines.
On Feb. 4, the caretaker will also be in charge of the Dream Cruise brand, according to Monday’s announcement. The brand is operated by Genting Hong Kong unit Dream Cruise Management Limited.
Genting Hong Kong also said in a press release on Monday regarding World Dream that “the company understands the suspension will be of concern to various parties, especially customers who have paid their scheduled departure deposit.”
The company is currently evaluating the impact of World Dream’s disruption, especially its ability to meet potential refund claims,” it added
In early January, Genting Hong Kong said insolvency at its controlled German shipbuilding company would “trigger cross-debt incidents under certain financing arrangements of the group,” comprising a total of just over $2.77 billion. 슬롯사이트 순위
Later that month, Genting Hong Kong said it expected most of its three cruise brands – Dream Cruises, Crystal Cruises and Star Cruises – to be shut down as it pushes for restructuring.