Apr 19, 2022 Newsdesk Latest News, Rest of Asia, Singapore, Top of the deck
A company called Resorts World Cruises Pte Ltd has been registered in Singapore, show data from the city-state’s Accounting and Corporate Regulatory Authority. The Straits Times news outlet says the registration has led to speculation that the Lim family, founders of the Malaysia-based Genting casino and plantations group, might be planning to start a new casino cruise ship business.
“Resorts World” is the branding used by Genting’s land-based casino resorts around the world. The Genting group has a casino cruise business called Genting Hong Kong Ltd.
The operation of its three cruise lines – including casino cruise services run from Hong Kong and Singapore – had been badly affected by disruption linked to the Covid-19 pandemic.
In early January, Genting Hong Kong filed for liquidation in an attempt to restructure its debts. Earlier that month, the company had said the insolvency of a German shipbuilding company it controlled would “in turn trigger cross default events under certain financing arrangements of the group,” comprising an aggregate principal amount of just over US$2.77 billion.
Genting Hong Kong’s stock has been suspended from the Hong Kong bourse since January 18, and its affairs are currently in the hands of joint provisional liquidators.
On January 21, Lim Kok Thay, the current head of the Lim family dynasty, resigned as chairman and chief executive of Genting Hong Kong.
In late January, Genting Hong Kong said it expected that most of the operations at its three cruise brands – Dream Cruises, Crystal Cruises and Star Cruises brands – would have to cease, as it sought to restructure.
The group’s Dream Cruises brand was placed under provisional liquidation following an order from a Bermuda court on February 4.
Genting Hong Kong said in an April 14 filing that under Hong Kong listing rules, were the company’s stock to remain suspended for a continuous period of 18 months – i.e., until July 17, 2023, then the listing could be cancelled.
The April 14 filing reiterated that the joint provisional liquidators for Genting Hong Kong were “taking steps to ascertain the financial conditions of the company and the group, including Dream Cruises”.
The filing added: “The joint provisional liquidators are also liaising with the relevant stakeholders and parties to identify potential remedial plans.”
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