Genting Hong Kong to sell Boeing 787-8 for $25m to boost liquidity

Genting, Cruise, casino

Genting Hong Kong said it has agreed to sell a Boeing 787-8 for $25 million as part of an ongoing program to improve its liquidity, which has been hard hit by the Covid pandemic.

The company, which operates cruise ships such as the World Dream, said the sale will save the cost of aircraft maintenance. 

The buyer is listed GTL and the Bank of Utah and is linked to Genting Executive Director Tan Sri Lim, the company said in a statement to the Hong Kong Stock Exchange. 

Genting said the net proceeds from the disposal will be about $24.9 million and the carrying costs of the aircraft were $61.9 million. As a result, the sale is expected to produce a loss of about $37 million, Genting said, adding that the final loss amount will be decided by the auditor. 

Genting was severely affected by the pandemic, which brought the cruise industry to a standstill and has been forced to seek refinancing. 

In early July, the company announced it has sold a luxury jet for $4 million to Resorts World Las Vegas, which is also part of the Genting Group.