Independent journal on economy and transport policy
14:40 GMT+1
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Genting Hong Kong one step away from filing for liquidation
The Chinese company announces that it could be advanced today
January 18, 2022
Prophetic words those expressed by the two ministers. The yesterday's pronouncement of the German court, in fact, seems to have given the coup de grace to Genting HK. Today, with a press release to the Hong Kong Stock Exchange, the Chinese group announced that the board of administration could present today provisional liquidation of the holding with the competent Bermuda Court, dominion in which Genting Hong has its registered office Kong. 'Failure to comply with binding contractual obligations on the part of the counterparts involved - accused the president and Managing Director of Genting HK, Tan Sri Lim Kok Thay - caused an immediate and significant interruption of the resources of group liquidity. The impossibility of society to use the state support mechanism M-V - he explained Lim referring to the loan agreed with the German Länder - further affected the group's ability to fulfil its financial obligations under its mechanisms of maturing financing'.
In the note Lim also explains that "the council of administration considers that the appointment of provisional liquidators is essential and in the interest of the company, its shareholders and its creditors in order to maximize the chances of the success of the financial restructuring and provide for a moratorium on claims and try to avoid a non-liquidation programmed company decided by any one of its creditors'.
In addition to the shipbuilding sector, with shipyards German naval MV Werften and Lloyd Werft of Bremerhaven, also genting Hong Kong operates in the cruises with Star Cruises, Dream Cruises and Crystal Cruises and in the hotel industry in the Philippines with the Resorts World Manila.
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Prophetic words those expressed by the two ministers. The yesterday's pronouncement of the German court, in fact, seems to have given the coup de grace to Genting HK. Today, with a press release to the Hong Kong Stock Exchange, the Chinese group announced that the board of administration could present today provisional liquidation of the holding with the competent Bermuda Court, dominion in which Genting Hong has its registered office Kong. 'Failure to comply with binding contractual obligations on the part of the counterparts involved - accused the president and Managing Director of Genting HK, Tan Sri Lim Kok Thay - caused an immediate and significant interruption of the resources of group liquidity. The impossibility of society to use the state support mechanism M-V - he explained Lim referring to the loan agreed with the German Länder - further affected the group's ability to fulfil its financial obligations under its mechanisms of maturing financing'.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
