• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 31 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Germany says Genting Group at fault as shipyard files for bankruptcy

Ben Blaschke by Ben Blaschke
Tue 11 Jan 2022 at 04:39
Germany says Genting Group at fault as shipyard files for bankruptcy
167
SHARES
4.2k
VIEWS
Print Friendly, PDF & Email

Genting Hong Kong’s Germany-based ship-building subsidiary MV Werften Holdings Ltd (MVWH) filed for bankruptcy protection on Monday but the situation could have been avoided with a little more help from above if the German government is to be believed.

According to a report by Associated Press, German authorities have laid the blame for the shipyard’s collapse at the feet of Genting Group and its Chairman and CEO Lim Kok Thay. It is claimed that the government had been willing to discuss a €600 million (US$678 million) bailout plan but wanted Genting to contribute 10%, which the company refused to do.

“The German government did everything to prevent the insolvency of MV Werften and thereby save jobs,” said Economy Minister Robert Habeck. “However, the owners rejected our offer of help; the bankruptcy application is the result.”

Another Genting Hong Kong shipyard, Lloyd-Werft in Bremerhaven, is also said to have filed an insolvency application on Monday.

MV Werften’s financial woes relate to construction of a new cruise ship, Global Dream, which the company says is 80% complete. With capacity for 5,000 passengers, the ship had originally been planned to set sail in 2021 but construction was delayed due to the global COVID-19 outbreak.

Genting Hong Kong subsequently revealed in August 2020 that it was suspending all payments to financial creditors in order to preserve liquidity due to the impact of the COVID-19 pandemic on its businesses.

As reported by Inside Asian Gaming, the company announced in June 2021 that it had finalized a series of agreements with those creditors for granting new loans and extensions to maturities related to US$2.6 billion of debt.

Among the agreements was a €300 million (US$340 million) grant from Germany’s Economic Stabilization Fund to help fund completion of Global Dream. However, it was reported this week that an attempt by the company to draw down US$88 million of the grant in mid-December resulted in authorities claiming it had not met the conditions required to access the loan.

Genting Hong Kong reported a US$283.3 million loss for the six months to 30 June 2021, coming off a US$1.72 billion loss in FY2020.

RelatedPosts

SABA Sports to exhibit at SBC Summit 2025 in Lisbon

SABA Sports to exhibit at SBC Summit 2025 in Lisbon

Tue 27 May 2025 at 11:35
Spintec’s Charisma cabinet line, new products make splash at ICE Barcelona

Report claims Blackstone looking to sell ICE Barcelona organizer Clarion Events

Fri 23 May 2025 at 05:35
Two to Tango

Tan Hee Teck to retire as CEO of Genting Singapore and Resorts World Sentosa

Wed 14 May 2025 at 18:14
IGT reveals amendments to revolving credit facility and term loan agreements

Now a pure lottery play, IGT reports significant declines in revenue and profit in 1Q25

Wed 14 May 2025 at 05:23
Load More
Tags: bankruptcycruise shipEuropeGenting GroupGenting Hong KongGlobal DreamLim Kok ThayMV Werften
Share67Share12
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

by Newsdesk
Sat 31 May 2025 at 06:03

A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted. According to the Sri Lanka Mirror, the official announcement...

RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to

by Newsdesk
Sat 31 May 2025 at 05:53

Malaysian gaming product distributor RGB International Bhd has reported group-wide revenue of MYR73.6 million (US$17.3 million) for the three months to 31 March 2025, down 65% year-on-year due to a lower number of products sold. The figure was also 79%...

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English