Cruise ship operator Genting Hong Kong has received indicative letters from private investors interested in investing in one of its cruise brands, the company said in a filing to the Hong Kong Stock Exchange dated Aug 28.[HONG KONG] Cruise ship operator Genting Hong Kong has received indicative letters from private investors interested in investing in one of its cruise brands, the company said in a filing to the Hong Kong Stock Exchange dated Aug 28.
The firm, controlled by Malaysian tycoon Lim Kok Thay, said"there is a reasonable prospect that the group will be able to obtain the funding" by June 2021. The company announced the development when reporting a wider first-half net loss of US$687.1 million from US$55.2 million a year ago. Genting Hong Kong said earlier this month it has suspended all payments to creditors, blaming its cash crunch on the coronavirus pandemic. The company said it owed a total of US$3.4 billion as at July 31. Its shares are down 58 per cent this year, battered by lockdown measures and travel curbs across the globe.
The cruise operator is also negotiating a further loan deferment of US$97 million with lenders after it deferred US$85 million from certain lenders before June 30 this year, according to the filing. Some of Genting Hong Kong's creditors have formed an ad hoc group to discuss a restructuring solution with the company's advisers.
The company said the majority of its capital commitments of about US$1.3 billion as at June 30 will be delayed in view of suspended ship construction activities.
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Source: The Straits Times - 🏆 8. / 63 Read more »