Skip to content
Subscriber Only

Hong Kong Cruise Ship Owner Suspends Payments to Creditors

  • Genting Hong Kong owed $3.4 billion at the end of July
  • Company is controlled by Malaysian tycoon Lim Kok Thay
A Genting Hong Kong Ltd. Star Cruises ship sails through Victoria Harbour in Hong Kong in 2019.
A Genting Hong Kong Ltd. Star Cruises ship sails through Victoria Harbour in Hong Kong in 2019.Photographer: Paul Yeung/Bloomberg
Corrected

A cruise ship operator controlled by Malaysian tycoon Lim Kok Thay suspended all payments to creditors, triggering a 36% drop in the company’s shares and denting investor confidence in Lim’s wider business empire.

Genting Hong Kong Ltd. said it will use its available funds to maintain critical services for the company’s operations and asked creditors to form a steering committee to evaluate a planned restructuring proposal, according to a statement to the Hong Kong stock exchange on Wednesday night. The company owed a total of $3.4 billion as of July 31, it said.