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Genting Hong Kong Limited ( zh, 雲頂香港有限公司) was a holding company that operated cruise and resort businesses. It was headquartered in (海洋中心),
Tsim Sha Tsui Tsim Sha Tsui ( zh, c=尖沙咀), often abbreviated as TST, is an list of areas of Hong Kong, area in southern Kowloon, Hong Kong. The area is administratively part of the Yau Tsim Mong District. Tsim Sha Tsui East is a piece of land reclaimed ...
,
Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...
and listed on the
Hong Kong Stock Exchange The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...
(). 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. It also owned the cruise lines Crystal Cruises, Dream Cruises and Star Cruises (collectively Genting Cruise Lines), Resorts World Manila, and the MV Werften and
Lloyd Werft Lloyd Werft Bremerhaven GmbH is a dockyard in Bremerhaven. It was founded in 1863 by the shipping company Norddeutscher Lloyd, first mainly used as a repair workshop for the company’s own merchant fleet. This new yard was established in ...
shipyards. 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. The motion for liquidation was approved by Bermuda's Supreme Court on 7 October 2022.


History

Genting Hong Kong was originally a subsidiary of Genting Group with a 17.8% stake owned by Genting Berhad. In 10 November 1993, Genting established Star Cruises. In 2000, Genting's Star Cruises purchased
Norwegian Cruise Line Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami, Florida, and incorporated in the Bahamas. It is the List of cruise lines, fourth-largest cruise line in the world by passengers, controlling ...
, but later sold half of the company to
Apollo Management Apollo Global Management, Inc. is an American Asset Management, asset management firm that primarily invests in alternative assets. , the company had $548 billion of assets under management, including $392 billion invested in credit, including ...
in 2007. A 2013
IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
of Norwegian Cruise Line further reduced Star Cruises' ownership share to 28%. In 2015, Genting purchased luxury cruise line Crystal Cruises, Singaporean nightclub
Zouk Zouk is a musical movement and dance pioneered by the French Antillean band Kassav' in the early 1980s. It was originally characterized by a fast tempo (120–145 bpm), a percussion-driven rhythm, and a loud horn section. Musicians from Mart ...
, and a majority stake in German shipyard
Lloyd Werft Lloyd Werft Bremerhaven GmbH is a dockyard in Bremerhaven. It was founded in 1863 by the shipping company Norddeutscher Lloyd, first mainly used as a repair workshop for the company’s own merchant fleet. This new yard was established in ...
. In November of that year, Genting also introduced Dream Cruises as a new luxury cruise brand in Asia. In May 2016, Genting purchased the remaining 30% of Lloyd Werft, as well as Nordic Yards' Wismar, Warnemunde, and Stralsund shipyards, and combined them to form the Lloyd Werft Group. In June 2016, the three ex-Nordic Yards facilities were spun out again to form MV Werften. 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. In August 2020, Genting Hong Kong submitted a filing to the
Hong Kong Stock Exchange The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...
suspending all payments to creditors. It cited the business impact of the
COVID-19 pandemic The COVID-19 pandemic (also known as the coronavirus pandemic and COVID pandemic), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), began with an disease outbreak, outbreak of COVID-19 in Wuhan, China, in December ...
, and the need to preserve liquidity and funds to maintain critical services for the company's operations. It also requested creditors not to enforce payment and sought a plan for
debt restructuring Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continu ...
. Following the announcement, Genting Hong Kong's share price plunged by more than 40%. In response, Lim has pledged almost all of his stake in Genting Hong Kong as collateral. 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. 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. 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". On 1 September 2020, Genting Hong Kong sold the Singaporean nightclub group
Zouk Zouk is a musical movement and dance pioneered by the French Antillean band Kassav' in the early 1980s. It was originally characterized by a fast tempo (120–145 bpm), a percussion-driven rhythm, and a loud horn section. Musicians from Mart ...
for US$10.3 million to Tulipa, a firm owned by Lim Keong Hui. 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%. Hours later,
Lloyd Werft Lloyd Werft Bremerhaven GmbH is a dockyard in Bremerhaven. It was founded in 1863 by the shipping company Norddeutscher Lloyd, first mainly used as a repair workshop for the company’s own merchant fleet. This new yard was established in ...
also filed for insolvency. On 19 January 2022, Genting Hong Kong filed for liquidation. 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. In October 2022, a court in Bermuda ordered the liquidation of Genting Hong Kong and Dream Cruises.http://www.gentinghk.com/media/1856350/e_-_a49271464_v0.0_ghk_-_announcement__winding_up_order__v2.pdf


Resorts

Genting Hong Kong partnered with
Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...
-based Alliance Global Group to establish Resorts World Manila. It is located across Terminal 3 of
Ninoy Aquino International Airport Ninoy Aquino International Airport (NAIA ; ; ), also known as Manila International Airport (MIA), is the main international airport serving Metro Manila in the Philippines. Located between the cities of Pasay and Parañaque, about south of ...
. 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

{{Reflist Holding companies of Hong Kong