Good Morning. Covid has not been kind to the cruise industry and Genting H.K. has been no exception. Its HK outbound cruises to nowhere out have been cancelled for at least two weeks due to Omicron and now it’s contending with the insolvency of a German unit that may trigger a massive debt default.
What you need to know
- Genting HK said it is at risk of default on $2.77 billion in debt following the insolvency of its German shipbuilding unit and it’s in talks with creditors and partners about the options open to the group.
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Genting Hong Kong said it is at risk of default on $2.77 billion in debt following the insolvency of its German shipbuilding unit and the company is in talks with creditors and partners about the options open to the group. Genting said it has been seeking to access alternative sources of funds to meet its immediate liquidity needs and to complete the construction of cruise ship, Global 1. However, the German export credit insurance agency involved in the financing package has refused the required insurance coverage for the financing arrangements.
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