Lim Kok Thay Genting Hong Kong
The cruise operator controlled by Malaysian tycoon Lim Kok Thay has been hit hard by the pandemic as travel hit a standstill due to. Troubled cruise operator Genting Hong Kong Ltd has filed to wind up the company putting the spotlight on what support its lead shareholder Tan Sri Lim Kok Thay may provideThe Hong Kong-based firm has been pummelled by the plunge in travel demand due to Covid-19 that has led to a string of restructurings and insolvencies among travel firms globally.
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1 day agoLim Kok Thay founded the company that would become Genting Hong Kong in 1993 buying ferries from a bankrupt cruise firm to operate them under the Star Cruises brand.
. Malaysian-listed Genting partially owned by Malaysian tycoon Lim Kok Thay who holds 755 per cent of Genting Hong Kong has stated that Genting Hong Kongs borrowings have no cross-default provisions guarantees or structures that may affect the group. Troubled cruise operator Genting Hong Kong Ltd. Part of Lim Kok Thays sprawling gambling-to-hospitality Genting empire Genting Hong Kong was established in the early 1990s when the Malaysian tycoon wanted to diversify risk away from the flagship hilltop casino resort in his home country.
The Hong Kong-based firm has been pummeled by the plunge in travel demand due to Covid-19 that has led to a string of restructurings and insolvencies among travel firms globally. The news comes after Genting Hong Kong the parent of Star Cruises Dream Cruises and Crystal Cruises suspended trading in its shares on the Hong Kong stock exchange. Its first ships were all second-hand and it was only during the Asian financial crisis in the late 1990s that it started purchasing new ones.
The German shipyard businesses of Genting Hong Kong MV Werften and Lloyd Werft have filed for insolvency. In a filing to the Hong Kong stock exchange the company outlined financial. Has filed to wind up the company putting the spotlight on what support its lead shareholder Lim Kok Thay may provide.
Shares of Genting Hong Kongcontrolled by Malaysian billionaire Lim Kok Thaytumbled on Thursday as the bankruptcy filing of the cruise ship operators shipyard subsidiary in Germany cast.
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