GENTING Hong Kong says the refusal of its loan from Germany (CW yesterday) was based on a negative business review into the five-year outlook of the company, citing factors it did not think were “fair and reasonable”. The firm yesterday filed an insolvency petition for its MV Werften shipyard, after...
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GENTING Hong Kong says the refusal of its loan from Germany (CW yesterday) was based on a negative business review into the five-year outlook of the company, citing factors it did not think were “fair and reasonable”.
The firm yesterday filed an insolvency petition for its MV Werften shipyard, after the refusal of a state bail-out based on various “stress scenarios” affecting the Group, including a persistent and sustained reduction in business activities as a result of COVID-19.
“The group does not consider the assumptions used in the business review as fair and reasonable,” Genting said.
With the loan rejected, the company said there was “no guarantee that the Group will be able to meet its financial obligations”.
While the insolvency only affects the German subsidiaries, travel advisors across the globe are deeply concerned, with clients still owed significant refunds by Genting’s cruise line brands.
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