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Genting Hong Kong

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Genting Hong Kong Limited (Chinese: 雲頂香港有限公司) was a holding company that operated cruise and resort businesses. It was headquartered in Ocean Centre [zh; zh-yue] (海洋中心), Tsim Sha Tsui, Hong Kong[1] and listed on the Hong Kong Stock Exchange (SEHK: 678). It was part of the Genting Group, whose chairman Lim Kok Thay was also the chairman and majority shareholder of Genting Hong Kong with 69% ownership of April 2020.[2] It also owned the cruise lines Crystal Cruises, Dream Cruises and Star Cruises (collectively Genting Cruise Lines[3]), Resorts World Manila, and the MV Werften and Lloyd Werft shipyards.

Genting Hong Kong
Company typePublic limited company Subsidiary
SEHK: 678
IndustryTourism
FoundedNovember 10, 1993 (1993-11-10)
DefunctOctober 7, 2022 (2022-10-07)
FateLiquidation
HeadquartersHong Kong
Brands
Services
ParentGenting Group
Chinese name
Traditional Chinese雲頂香港有限公司
Simplified Chinese云顶香港有限公司
Hanyu PinyinYúndǐng Xiānggǎng Yǒuxiàngōngsī
Jyutpingwan4 deng2 hoeng1 gong2 jau5 haan6 gung1 si1
Websitewww.gentinghk.com

On 19 January 2022, the company filed for bankruptcy in the Bermuda Islands. After reviewing its financial conditions, the company filed for liquidation on 18 January 2022.[4] The motion for liquidation was approved by Bermuda's Supreme Court on 7 October 2022.[5]

History

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Genting Hong Kong was originally a subsidiary of Genting Group with a 17.8% stake owned by Genting Berhad.[6]

In 10 November 1993, Genting established Star Cruises.[7]

In 2000, Genting's Star Cruises purchased Norwegian Cruise Line, but later sold half of the company to Apollo Management in 2007.[8] A 2013 IPO of Norwegian Cruise Line further reduced Star Cruises' ownership share to 28%.[9]

In 2015, Genting purchased luxury cruise line Crystal Cruises,[10] Singaporean nightclub Zouk,[11] and a majority stake in German shipyard Lloyd Werft.[12] In November of that year, Genting also introduced Dream Cruises as a new luxury cruise brand in Asia.[12][13]

In May 2016, Genting purchased the remaining 30% of Lloyd Werft,[14] as well as Nordic Yards' Wismar, Warnemunde, and Stralsund shipyards, and combined them to form the Lloyd Werft Group.[15] In June 2016, the three ex-Nordic Yards facilities were spun out again to form MV Werften.[16]

In October 2016, Genting Hong Kong was entirely sold to the Lim Kok Thay's family-owned unit trust Golden Hope Limited as part of a family business restructuring exercise, separating it from Genting Group but retaining it under ownership of Lim Kok Thay's family.[17]

In August 2020, Genting Hong Kong submitted a filing to the Hong Kong Stock Exchange suspending all payments to creditors.[18] It cited the business impact of the COVID-19 pandemic, and the need to preserve liquidity and funds to maintain critical services for the company's operations.[19] It also requested creditors not to enforce payment and sought a plan for debt restructuring.[20][21] Following the announcement, Genting Hong Kong's share price plunged by more than 40%.[22] In response, Lim has pledged almost all of his stake in Genting Hong Kong as collateral.[23] As of 31 July 2020, it owed US$3.37 billion of debt, including US$3.7 million in bank fees that were in default.[20] In addition, Genting Hong Kong announced a 2020 first-half loss of US$742.6 million, more than ten times its 2019 first-half loss of US$56.5 million.[24]

On 28 August 2020, Lim Keong Hui, Lim Kok Thay's son, stepped down as deputy CEO of Genting Hong Kong to "devote more time to other business commitments".[25] On 1 September 2020, Genting Hong Kong sold the Singaporean nightclub group Zouk for US$10.3 million to Tulipa, a firm owned by Lim Keong Hui.[26]

On 10 January 2022, following a breakdown in talks between the German government and Genting Hong Kong in obtaining further financial support, MV Werften filed for insolvency, triggering the possibility of cross-defaults on up to $2.8 billion of financial arrangements for the Genting Hong Kong group and precipitating a fall in its share price by more than 50%.[27] Hours later, Lloyd Werft also filed for insolvency.[28] On 19 January 2022, Genting Hong Kong filed for liquidation.[29]

It was named Provisional liquidators Edward Middleton and Tiffany Wong Wing Sze of Hong Kong's Alvarez & Marsal Asia Limited and Edward Whittaker of R&H Services Limited in Bermuda to help develop and propose a restructuring proposal in relation to Genting Hong Kong's debt, including nearly US$2.8 billion that was part of financing deals it struck with creditors last June. In a Tuesday filing, Genting Hong Kong said the same liquidators have now been appointed for Dream Cruises to "among other things, develop and propose restructuring proposals relating to Dream Cruises' debt and liabilities." The company also filed a liquidation order for Dream Cruises, it hoped the restructuring would allow the company to continue as a business.[30]

In October 2022, a court in Bermuda ordered the liquidation of Genting Hong Kong and Dream Cruises.[31][32][33]

Dream Cruises

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Dream Cruises
Company typePublic company
IndustryPassenger transportation & Cruises
Founded1 November 2015
DefunctMay 2022
HeadquartersHong Kong, Asia
Area served
Asia Pacific
Key people
Tan Sri Lim Kok Thay, CEO & Chairman
ServicesCruises
OwnerGenting Hong Kong
ParentGenting Hong Kong
Websitedreamcruiseline.com

Dream Cruises was a cruise line owned by Genting Hong Kong. Genting announced the introduction of Dream Cruises in November 2015 in Guangzhou as an Asian luxury cruise line. It debuted in November 2016.[34]

Fleet

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Dream Cruises operated three ships, the Genting Dream, World Dream, and Explorer Dream. Two cruise ships were still in construction before the cruise line's liquidation.

Ship Year built Class Entered service with Dream Cruises Gross tonnage Notes Image
former fleet
Genting Dream 2016 Genting 2016 150,695 Originally ordered for Star Cruises as Genting World.
Transferred to Resorts World Cruises in 2022.
 
World Dream 2017 Genting 2017 150,695 Originally ordered for Star Cruises. Purchased by Public Investment Fund of Saudi Arabia for US$ 330 million and renamed her Manara for Aroya Cruises[35]
 
Explorer Dream 1999 Leo 2019[36] 75,338 Formerly sailed as SuperStar Virgo for Star Cruises.
Transferred to Resorts World Cruises in 2023.
 
cancelled fleet
Global Dream - Global - 208,000 Originally ordered for Star Cruises. Construction started on 8 March 2018,[37] before the keel was laid on 11 September 2018.[38]
Was to homeport in Shanghai.[39]
Incomplete ship was sold to Disney Cruise Line in November 2022.[40][41] Disney has arranged to work with the shipbuilding companies LTH-Baas and Meyer Werft to complete the unfinished ship now renamed Disney Adventure by 2025.[41][42][43][44][45]
 
Global Dream II (interim name). - Global - 208,000 Commonly referred to by many as Global Dream II [citation needed] Construction started on 10 September 2019[46]
keel laid on 9 December 2019.[47] Unfinished lower hull of ship sold for scrap after the cruise line's insolvency.[48]
Scrapped as of late 2022.[49]

Resorts

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Genting Hong Kong partnered with Philippines-based Alliance Global Group to establish Resorts World Manila. It is located across Terminal 3 of Ninoy Aquino International Airport. It houses three hotels: Maxims Tower, Marriott Hotel Manila, and Remington Hotel. The Newport Mall is part of this resort and includes the Newport Cinemas and the 1,500-seat Newport Performing Arts Theater.

References

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  1. ^ "Contact Us Archived 16 July 2023 at the Wayback Machine." Genting Hong Kong. Retrieved on 11 September 2017. "Genting Hong Kong Limited Address: Suite 1501, Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong " - Address in Traditional Chinese Archived 29 May 2023 at the Wayback Machine: "香港九龍尖沙咀廣東道5號海洋中心1501室" - Address in Simplified Chinese Archived 4 July 2020 at the Wayback Machine: "香港九龙尖沙咀广东道5号海洋中心1501室"
  2. ^ "Malaysian tycoon behind tumbling cruise firm Genting Hong Kong puts fortune on the line". Straits Times. 21 August 2020. Retrieved 21 August 2020. temporarily suspend all payments to the Group's financial creditors.
  3. ^ "Genting Cruise Lines". gentingcruiselines.com. Retrieved 2 February 2022.
  4. ^ Burgos, Jonathan. "Billionaire Lim Kok Thay's Genting HK Files To Wind Up Cash-Strapped Cruise Ship Operator". Forbes. Retrieved 18 December 2022.
  5. ^ "Court orders Genting Hong Kong to wind up business". The Star. Retrieved 18 December 2022.
  6. ^ "Genting Group is Malaysia's leading multinational corporation". genting.com. Archived from the original on 6 December 2012. Retrieved 11 May 2016.
  7. ^ "Genting Hong Kong". www.gentinghk.com. Retrieved 18 December 2022.
  8. ^ "Apollo invests $1billion in NCL Corp to take 50% stake". Cruise Business Review. 17 August 2007. Archived from the original on 29 September 2007. Retrieved 17 August 2007.
  9. ^ "Norwegian Cruise Line Holdings Ltd. - Quarterly Report". ncl.com. Archived from the original on 3 September 2014. Retrieved 11 May 2016.
  10. ^ Sloan, Gene (3 March 2015). "Shake-up in luxury cruising as Crystal gets new owner". USA Today. Retrieved 12 April 2015.
  11. ^ Lim, Joyce (21 October 2015). "Zouk being sold to Genting HK". The Straits Times. Retrieved 2 September 2020.
  12. ^ a b "Genting Hong Kong Announces Order of Two "Global Class" Ships for Star Cruises, the Largest to be Built in Germany, for Delivery Between 2019 and 2020" (PDF). Star Cruises. Genting Hong Kong Limited. 10 May 2016. Archived from the original (PDF) on 14 May 2016. Retrieved 11 May 2016.
  13. ^ "GENTING HONG KONG LAUNCHES "DREAM CRUISES"– ASIA'S FIRST PREMIUM CRUISE LINE BRAND AND EXPERIENCE". Online Promos (Press release). Star Cruises. 11 November 2015. Archived from the original on 26 August 2018. Retrieved 11 May 2016.
  14. ^ "Genting Hong Kong Takes Remaining Stake in Lloyd Werft". World Maritime News. 4 January 2016. Retrieved 11 May 2016.
  15. ^ "Aktuelles - Pressemitteilungen - Lloyd Werft Bremerhaven". lloydwerft.com. Archived from the original on 1 June 2016. Retrieved 11 May 2016.
  16. ^ "Genting HK to invest 100m euros in its German shipyard MV Werften". The Star. 11 June 2016. Retrieved 12 March 2018.
  17. ^ "Genting Malaysia, parent to sell stake in Hong Kong unit for $420.8 million". Nikkei Asian Review. Retrieved 27 August 2020.
  18. ^ "Recent developments" (PDF). HK Stock Exchange. Retrieved 21 August 2020.
  19. ^ "Genting Hong Kong halts paying creditors as pandemic slams cruise business". South China Morning Post. 20 August 2020. Retrieved 21 August 2020.
  20. ^ a b "Genting HK calls on creditors not to enforce payment". Travel Weekly. 20 August 2020. Archived from the original on 4 December 2020. Retrieved 21 August 2020. The financial creditors of the group will be asked to refrain from taking any enforcement action so that the stakeholders of the group can have a stable platform to negotiate and implement the restructuring.
  21. ^ "Genting Hong Kong Seeks Debt Restructuring". Cruise Industry News. 19 August 2020. Retrieved 21 August 2020.
  22. ^ "Crystal Cruises parent halts payments on debt of $3.4B". Travel Weekly. 20 August 2020. Retrieved 21 August 2020. temporarily suspend all payments to the Group's financial creditors.
  23. ^ "Genting Hong Kong boss pledges nearly full stake in cruise firm". The Straits Times. 22 August 2020. Retrieved 30 August 2020.
  24. ^ Kalosh, Anne (28 August 2020). "Genting HK first half loss widens to $742.6m". Seatrade Cruise News. Retrieved 31 August 2020.
  25. ^ "Son of Genting patriarch Lim Kok Thay steps down from Genting Hong Kong Deputy CEO role". IAG. 29 August 2020. Retrieved 2 September 2020.
  26. ^ "Lim Keong Hui buys Zouk nightclub brand from Genting Hong Kong just days of stepping down as Deputy CEO". IAG. 1 September 2020. Retrieved 2 September 2020.
  27. ^ Tan, Weizhen (13 January 2022). "Shares of cruise operator Genting Hong Kong plunge more than 50% as it warns of defaults". CNBC. Retrieved 15 January 2022.
  28. ^ "Genting-owned Lloyd Werft also files for insolvency". seatrade-cruise.com. 10 January 2022. Retrieved 15 January 2022.
  29. ^ "Cruise operator Genting Hong Kong files to wind up company". The Straits Times. 19 January 2022. Retrieved 22 January 2022.
  30. ^ "BERMUDA: Provisional Liquidators Appointed to Genting Hong Kong's Dream Cruises". 10 February 2022.
  31. ^ "Court orders bankrupt cruise operator Genting Hong Kong to be liquidated". 10 October 2022.
  32. ^ "Bermuda Gericht ordnet die Liquidation von Genting Hong Kong, Dream Cruises an". 12 October 2022.
  33. ^ http://www.gentinghk.com/media/1856350/e_-_a49271464_v0.0_ghk_-_announcement__winding_up_order__v2.pdf
  34. ^ "DREAM CRUISES MAKES HISTORY WITH CHRISTENING OF MAIDEN LUXURY CRUISE SHIP IN GUANGZHOU HOMEPORT│Dream Cruises". Dreamcruiseline.com. Archived from the original on 18 October 2019. Retrieved 7 April 2018.
  35. ^ "Saudi Staatsfond PIF zahlt 330 Millionen US$ für AL MANARA, ex World Dream". www.seereisenportal.de. 6 March 2023.
  36. ^ Bond, Mary (12 September 2018). "Explorer Dream joins Dream Cruises as brand expands outside of Asia". www.seatrade-cruise.com. Retrieved 20 December 2018.
  37. ^ "News & Presse - MV WERFTEN". Archived from the original on 6 June 2023. Retrieved 15 September 2019.
  38. ^ "News & Presse - MV WERFTEN". Archived from the original on 6 June 2023. Retrieved 15 September 2019.
  39. ^ Mathisen, Monty (25 October 2018). "First Global-Class Ship to Homeport in Shanghai". www.cruiseindustrynews.com. Retrieved 7 April 2019.
  40. ^ "Disney Cruise Line Announces Acquisition of Ship with Plans to Visit New Markets". Disney Parks Blog.
  41. ^ a b Parfitt, Dave (16 November 2022). "Disney Cruise Line acquires Global Dream cruise ship". Attractions Magazine.
  42. ^ "Neues Kreuzfahrtschiff kommt! "Disney Adventure" soll ab 2025 bis Singapur fahren". nord24 (in German). Retrieved 4 April 2024.
  43. ^ Schröder, Kerstin (4 April 2024). "Neues Disney-Schiff entsteht in Wismar: Innenausbau soll Hunderte Jobs bringen". www.ostsee-zeitung.de (in German). Retrieved 4 April 2024.
  44. ^ "Estnisches Unternehmen LTH-Baas erhält Auftrag für "Disney Adventure"". NZ-Online (in German). Retrieved 4 April 2024.
  45. ^ Lohse, Sebastian (2 April 2024). "Disney Adventure in Wismar: LTH-Baas baut an Kreuzfahrtschiff mit | SVZ". svz.de (in German). Retrieved 4 April 2024.
  46. ^ Förster, Krischan (10 September 2019). "MV Werften starten zweiten Neubau der Global Class". hansa-online.de.
  47. ^ "MV Werften: Zweites Global Class Schiff auf Kiel gelegt & Start der Universum-Class". 9 December 2019.
  48. ^ "Second Genting Newbuild To Be Sold for Scrap". 15 June 2022. Archived from the original on 15 June 2022.
  49. ^ "Warnemünde: 17.500 Tonnen Stahl der früheren "Global 2" werden zerlegt" (in German). 5 October 2022. Retrieved 7 October 2022.
 
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