• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 29 August 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

Sale of assets an option as provisional liquidators appointed to Genting Hong Kong

Ben Blaschke by Ben Blaschke
Mon 24 Jan 2022 at 04:38
Genting Cruise Lines to be world’s first to restart cruise ship operations

Explorer Dream has been rebranded Resorts World One.

206
SHARES
5.1k
VIEWS
Print Friendly, PDF & Email

The sale of some or all of Genting Hong Kong’s global assets, including cruise ships and shipyards, could become a reality after the company confirmed the appointment of joint provisional liquidators by a Bermuda court.

The provisional liquidators, named as Edward Middleton and Tiffany Wong Wing Sze of Hong Kong’s Alvarez & Marsal Asia Limited and Edward Whittaker of R&H Services Limited in Bermuda, have been tasked with helping to develop and propose a restructuring proposal in respect of the company’s debts, which include almost US$2.8 billion that formed part of financing arrangements reached with creditors in June last year.

Those agreements followed the group’s announcement 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.

However, with the pandemic still raging, Genting Hong Kong revealed earlier this month that it was in danger of defaulting on its loans after failing to drawdown a US$88 million backstop facility from the State of Mecklenburg Vorpommern for the continued operation of its Germany shipbuilding subsidiary, MV Werften Holdings Ltd (MVWH).

With MV Werften having already filed for insolvency since, Genting Hong Kong said Friday that the appointment of the joint provisional liquidators would see them given “extensive executive powers” over the company.

This could include facilitating and assisting the company in developing and proposing a restructuring of debt in a manner designed to allow it to continue as a going concern.

If no compromise or arrangement with creditors can be reached, the liquidators will be “authorised to dispose of all or certain of the company’s assets with a view to maximising value and returns for creditors of the company.”

Trading of the Genting Hong Kong shares on the Hong Kong Stock Exchanges remains suspended.

RelatedPosts

Analysts puzzled as combined market cap of Macau concessionaires falls back to 2022 COVID levels

Hong Kong Stock Exchange confirms delisting of LET Group and Summit Ascent scheduled for 1 September

Thu 28 Aug 2025 at 05:32
Hong Kong Chief Executive claims to have discussed “travel bubble” with Macau

Hong Kong Stock Exchange to cancel the listings of casino investors LET Group and Summit Ascent

Tue 19 Aug 2025 at 04:54
Grow Beyond Borders with HKUST Asia-Pacific Part-Time MBA (Digital MBA)

Grow Beyond Borders with HKUST Asia-Pacific Part-Time MBA (Digital MBA)

Mon 18 Aug 2025 at 16:25
Hong Kong Chief Executive claims to have discussed “travel bubble” with Macau

LET Group issues profit warning on narrowed US$5.5 million loss in 1H25

Tue 12 Aug 2025 at 05:50
Load More
Tags: cruise shipsGenting Hong KongHong KongliquidatorsMV Werften
Share82Share14
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 – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

All your sports entertainment with SABA Sports – always fair and sharp since 1998.

All your sports entertainment with SABA Sports – always fair and sharp since 1998.

by Newsdesk
Fri 29 Aug 2025 at 18:57

CLIENT PROMOTION Since 1998, SABA Sports has stood as the trusted backbone of the world’s most respected sports betting brands. Built on real-time intelligence and operational excellence, we have earned our reputation as the definitive partner for leading operators worldwide....

Newly appointed Thai PM Paetongtarn Shinawatra expected to continue pursuit of legalized casinos

Thai casino bill dead in the water as Constitutional Court removes Prime Minister Paetongtarn Shinawatra from office

by Ben Blaschke
Fri 29 Aug 2025 at 18:44

Thai Prime Minister Paetongtarn Shinawatra has been removed from office for ethics violations after the Constitutional Court ruled 6-3 against her on Friday. She becomes Thailand’s sixth Prime Minister to be removed by a court or legal ruling since 2008...

Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again

Star Entertainment Group falls to AU$471.5 million loss in FY25 as remediation, regulatory hurdles continue to bite

by Ben Blaschke
Fri 29 Aug 2025 at 07:38

Australia’s Star Entertainment Group has reported a statutory loss of AU$471.5 million (US$308 million) for the financial year ended 30 June 2025, impacted by a 29% year-on-year decline in group-wide revenue including a 37% fall in gaming revenue. Although the...

Resorts World Las Vegas – Lighting up the north

Recovery of VIP gaming business helps Genting’s Resorts World Las Vegas book improved revenues of US$180 million in 2Q25

by Ben Blaschke
Fri 29 Aug 2025 at 05:30

Resorts World Las Vegas (RWLV), the US flagship of Malaysian gaming giant Genting Berhad, saw revenues grow by 8% quarter-on-quarter to US$180 million and EBITDA by 80% to US$18 million in 2Q25, with the company pointing to improved hold and...

Your browser does not support the video tag.


IAG

© 2005-2025
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

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English