The Bermuda Court has ordered both Genting Hong Kong and its subsidiary Dream Cruises be wound up following a hearing on the companies’ winding up petitions held late last week.
According to information filed by Genting Hong Kong on Monday, the court has ordered joint provisional liquidators to continue, adding “their powers shall not be limited”.
The winding up order comes after petitions were filed in January, shortly after Genting Hong Kong defaulted on debts totalling around US$2.8 billion. The company said at the time that although it had filed winding up orders, it hoped restructuring would allow the company to continue as a going concern.
This, it said, would “present higher recoveries to all creditors and stakeholders compared to a value-destructive liquidation of the Dream Sub-Group, which is the likely alternative outcome.
“The Dream Sub-Group remains valuable, and there are transactions which can be pursued which are likely to realize better value for the Dream Sub-Group’s creditors than a formal and terminal liquidation scenario.”
However, Genting Hong Kong’s controlling shareholder, Genting Group patriarch Lim Kok Thay, has since registered and launched a new cruise ship brand in Singapore called Resorts World Cruises – suggesting he has left his former cruise brand to be dissolved.
As previously reported by Inside Asian Gaming, the joint provisional liquidators have been selling off some of the company’s assets and are expected to confirm the sale of Genting Hong Kong’s stake in Travellers International Hotel Group – operator of Manila’s Newport World Resorts – in the coming months.
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