Crystal Cruises parent company files winding up order

Crystal Cruises ships
By Lisa James
19/01/2022
Home » Crystal Cruises parent company files winding up order

Genting Hong Kong Ltd, the parent company of Crystal Cruises, has filed a winding up order.

Genting Hong Kong Ltd has filed with the Supreme Court of Bermuda to appoint provisional liquidators after the firm ‘exhausted all reasonable efforts’ to negotiate with its creditors and stakeholders, it said in a statement to the Hong Kong stock exchange this morning.

Its shipbuilding subsidiary MV Werften filed for insolvency in Germany last week and Genting Hong Kong warned investors that defaults were likely to follow.

Genting Hong Kong also owns Asian brands Dream Cruises and Star Cruises.

Bloomberg reports that, according to the filing, ‘the majority of operations by Genting Hong Kong and its subsidiaries will likely cease, though certain ones including operations of cruise lines by Dream Cruises Holding Ltd. will continue in order to preserve core assets’.

Shares in Genting Hong Kong fell almost 50% before being halted from trading yesterday and have now been suspended.

A hearing will take place in Bermuda at 2.30pm local time on Friday to determine the application for the winding up order and appointment of administrators.

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