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The Hong Kong-based, cruise ship arm of Genting, one of the biggest players in the gaming industry, has moved to appoint liquidators to wind up its operations. Genting HK\u2019s move comes in the wake of its exclusively-owned subsidiary, MV Wertfen, registering for insolvency last week.<\/p>\n
MV Wertfen, whose German manufacturing bases produce ships for its parent company, were subject to crippling debts of around HK$2.77billion ($355.6million). The collapse was catalysed by their failure to acquire a substantial sum in order to construct the planned \u2018Global One Cruise Liner\u2019.<\/p>\n
GHK desperately attempted to salvage its ailing subsidiary business, even seeking credit support from the region of Mecklenburg-Vorpommern, the north-east German state who plays host to the company\u2019s main construction sites. However, this request was rejected on Monday, spelling the end of the road for MV Wertfen.<\/p>\n
Yesterday, Genting Hong Kong filed a winding-up order at the Court of Bermuda, and submitted a proposal for liquidators to take control. The firm are keen for those conducting liquidation activity to explore whether enough income can be generated to remain in existence. However, the court will decide if that\u2019s a viable option at a hearing scheduled for later today.<\/p>\n
The development saw a raft of non-executive director resignations, with Alan Smith, Lam Wai Hon Ambrose, and Justin Tan Wah Joo all stepping down. Genting have announced that these exits have been positioned in preparation for liquidators to freely conduct business operations in the short to medium term.<\/p>\n
Since Tuesday, a hold on Getting HK shares has been in place. The company\u2019s fortunes remain in the balance.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Hong Kong-based, cruise ship arm of Genting, one of the biggest players in the gaming industry, has moved to appoint liquidators to wind up its operations. Genting HK\u2019s move comes in the wake of its exclusively-owned subsidiary, MV Wertfen, registering for insolvency last week. MV Wertfen, whose German manufacturing bases produce ships for its […]<\/p>\n","protected":false},"author":3,"featured_media":48268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,11,8,7],"tags":[],"class_list":["post-48267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gaming","category-headlines","category-latest","category-macau"],"yoast_head":"\n