Dream Cruises Ship Part of Genting Group Hong Kong Genting Hong Kong has suspended all payments to creditors, sparking a 33% drop in the company’s share price. Genting cited COVID-19’s impact on its operations — which include Dream Cruises, Star Cruises and Crystal Cruises — for the cash crunch, in a statement to the Hong Kong stock exchange Wednesday night. ‘The Group has undertaken a number of cost reduction and cash conservation measures to mitigate the effects of the resultant loss of revenues from its operations,’ the statement said. The company owed a total of $3.4bn as of July 31. Bank fees due on newbuilds On August 17, Dream Global One Ltd and Dream Global Two Ltd (subsidiaries of Genting HK) were required to pay bank fees amounting to €3.7m in connection with the financing of the construction of ‘certain ships’, said the company statement. Those fees were not paid. Earlier this month Genting warned of a year delay in ...
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