Genting Hong Kong Says Shipbuilder Insolvency to Spark Defaults
- Relevant creditors of $2.78 billion debt may demand payment
- Company had already been in default of $3.4 billion from 2020
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Genting Hong Kong, the troubled cruise operator controlled by Malaysian tycoon Lim Kok Thay, warned Tuesday of more defaults due to the insolvency of its German shipbuilding subsidiary.
The company “considers that it has exhausted all reasonable efforts” to negotiate with counter-parties under the current financing arrangements, it said in a filing to the Hong Kong stock exchange.