A group of banks has released €175 million in interim funding for MV Werften, the German cruise ship builder owned by Genting Hong Kong, the state government of Mecklenburg-Vorpommern said in a statement.

The funding will ensure the liquidity of the shipbuilder from July to September, which means that it can e.g. settle all invoices of its suppliers and contractors due in this period.

Genting Hong Kong had placed €260 million on a “locked box” account, which means the funds could be released in case of a crisis to ensure continuation of work on ships on order at the shipbuilder. A total of 17 banks control the funds and the same banks finance the shipyard’s orderbook, the state said.