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UPDATED: Genting Hong Kong files for provisional liquidation

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 18 January 2022 18 January 2022

Genting Hong Kong has proceeded with its plan unveiled yesterday to file for provisional liquidation with the Supreme Court of Bermuda, where the company is domiciled and it has asked the court to appoint joint provisional liquidators (JPL) to commence restructuring of its business.

"As the Company and the Group have no access to any further liquidity under any of Group’s debt documents and the Company’s available cash balances are expected to run out on or around end of January 2022 according to the Company’s cashflow forecasts, as a result of (a) ongoing operational expenditure; and (b) potentially required payments of certain liabilities that are expected to be made on or before that date, the Board considers that the Company will imminently be unable to pay its debts as they fall due,” Genting Hong Kong said in a statement.

It said the appointment of the JPLs is essential and in the interests of the company, its shareholders and its creditors in order to maximise the chance of success of the financial restructuring and to provide a moratorium on claims by any of its unsecured creditors and to seek to avoid a disorderly liquidation of the company.

“Following the appointment of the JPLs, the Company, together with its professional advisers, will continue to work towards implementation of a consensual and inter-conditional restructuring of the Group to preserve value for all creditors and other stakeholders,” Genting Hong Kong said.

Certain business activities of the group, including but not limited to the operations of cruise lines by Dream Cruises Holding Limited, would continue in order to preserve and protect the core assets and maintain the value of the group; however it is anticipated that majority of its existing operations will cease to operate, Genting Hong Kong said.

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Genting Hong Kong, whose MV Werften shipbuilding subsidiary fell into insolvency last week, is planning to file for provisional liquidation to enable it to commence corporate restructuring, the company said in a statement.

“In view of the Group’s financial conditions, unless the Company receives credible proposals for a solvent, consensual and inter-conditional restructuring solution, the Board will potentially proceed with a filing of provisional liquidation of the Company with the competent court of Bermuda on 18 January 2022 (Bermuda time) (the “Provisional Liquidation”),” Genting Hong Kong said.

Genting Hong Kong owns Dream Cruise in part and is the sole owner of Star Cruise and Crystal Cruises (photo)

The appointment of provisional liquidators would be essential and in the interests of the company, its shareholders and its creditors in order to maximise the chance of success of the financial restructuring and to provide a moratorium on claims and to seek to avoid a disorderly liquidation of the company by any of its creditors, it pointed out.

Following the appointment of the provisional liquidators, the company, together with its professional advisers, would continue to work towards implementation of a consensual and inter- conditional restructuring to preserve value for all creditors and other stakeholders.

"As at the date of this announcement, the Company and its professional advisers are in preparation of the relevant legal procedure. The Company will make further announcement(s) regarding any updates on the Provisional Liquidation in accordance with the Listing Rules,” Genting Hong Kong said.

A number of independent, non executive directors and members of audit and remuneration committees had resigned earlier today, while trading in the shares of the company on Hong Kong Stock Exchange was suspended as well, it noted.

Court in Schwerin rules against Genting Hong Kong - report

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 17 January 2022 17 January 2022

A court in the German city of Schwerin has ruled against Genting Hong Kong , the troubled cruise shipping group whose MV Werften unit filed for insolvency last week, in a dispute over a loan agreement, the public service broadcaster Norddeutsche Rundfunk (NDR) reports.

The dispute concerned a loan agreement under which the State of Mecklenburg- Vorpommern, where the shipyards of MV Werften are located, should grant Genting Hong Kong a loan of €78 million.

However, the court had not been convinced that Genting Hong Kong was facing an emergency situation and that the loan should be granted to the company as a result of this.

The parties can appeal the ruling to a higher court.

Meanwhile, an administrator is expected to ensure the completion of the 208,000 gross ton Global Dream that is under construction at MV Werften for Dream Cruises, which is partly owned by the Genting Hong Kong group, the report said.

Viking Neptune floated out in Ancona

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 13 January 2022 13 January 2022

Viking Neptune, the newest ocean cruise ship which Fincantieri is building for the shipowner Viking, has been floated out today at the shipyard in Ancona.

The unit will be placed in the small cruise ship segment. As its sister ships, it will register 47,800 gross tons, and will have 465 cabins for 930 passengers.

Viking Neptune, eighth of this class, has been designed by experienced naval architects and engineers, including an interior design team of London-based SMC Design, and Los Angeles-based Rottet Studios, who gave the ship a modern design of Scandinavian inspiration, characterized by sophisticated yet functional elegance. In addition to the all-veranda staterooms, the ship also has spacious suites with sweeping views, two pools, of which one infinity pool off the stern, abundant options for al fresco dining, and a spa designed according to the wellness philosophy of the Scandinavian tradition, with a sauna and a snow grotto.

The Viking units are all built according to the latest navigation regulations and equipped with the most modern safety systems, including the “safe return to port”. They also feature energy-efficient engines, optimized hydrodynamics and hull thereby reducing consumption, as well as systems which minimize pollution produced by exhaust gases, meeting the strictest environmental regulations.

Fincantieri started its partnership with Viking in 2012, trusting the shipowner who was entering the ocean cruise market as a start-up. Today, the cooperation which first began with an order for two ships, has reached a total of 20 units, including the order awarded to Vard for two expedition cruise ships, Viking Octantis and Viking Polaris, and the options. This is an all-time record, the largest number of units ordered to a shipbuilder by one sole shipowner.

Other nine units, options included, will take to the sea from the Group’s Italian yards in the next years.

Genting Hong Kong expects court ruling on 17 January

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 13 January 2022 13 January 2022

Genting Hong Kong, whose MV Werften cruise ship building unit filed for insolvency earlier this week, expects a court in Germany to publish its ruling on a dispute over funding to be published on 17 January.

“The hearing of the Legal Proceedings took place on 11 January 2022 (Germany time) in the Court and the Court has indicated that ruling will be handed down by the Court on 17 January 2022 (Germany time),” the company said in a statement.

The matter concerns the legal proceedings involving the drawdown of $88.0 million backstop facility to be provided by the State of Mecklenburg Vorpommern in order to address the group’s potential liquidity needs, it said.

Seatrade Cruise Global returns to Miami Beach, 25-28 April 2022

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 11 January 2022 11 January 2022

Seatrade Cruise Global, the cruise industry’s leading annual business-to-business event, is returning to the Miami Beach Convention Center, 25-28 April 2022. This year’s conference will celebrate resilience – highlighting the industry's collaborative efforts across sectors to create a safer, more innovative cruising experience adapted to ever-changing times. In addition to its enriching programming and expo components, the show will offer optimized networking opportunities with an all-new AI-enabled matchmaking software and dedicated concierge team.

“Our industry is continuing to shift and implement key learnings towards cruising innovation in every aspect – from health and safety, to technology and sustainability. We’re proud to support the cruise community by providing a platform to unite and share knowledge, insights and solutions across these verticals,” says Chiara Giorgi, Global Brand and Event Director for Seatrade Cruise. “After successfully reuniting in-person last year, and the overwhelming amount of positive feedback we received, we’re eager to continue the momentum, confident that through collaboration our industry is coming back stronger than ever.”

Seatrade Cruise Global 2022 is expected to welcome more than 10,000 attendees, representing 80+ cruise line brands and 500+ exhibitors from over 140 countries. Focusing on resilience as its overarching theme, this year’s conference program will feature more than 45 hours of education, covering leading topics including technological advances, health and safety, global ports and destination updates, as well as sustainability and environmental advances.

With safety continuing to be of utmost importance, Seatrade Cruise Global will be guided by Informa AllSecure standards that ensure a safe, hygienic, productive and high-quality organised event experience. As the host venue, the Miami Beach Convention Center – a GBAC STAR accredited facility – is taking all precautions and supporting with additional offerings to ensure the safety and success of the event. Specific measures related to health and safety will be provided ahead of the event and protocols will adhere to all city and state regulations.

Seatrade Cruise Global offers flexible attendee registration options. Those who register by 14 January 2022, can take advantage of Super Early Bird pricing.