Genting Hong Kong, owners of Crystal Cruises and other cruise lines, announced that it has completed terms for a $2.6 billion recapitalization of the business that will keep its shipyards operating and return the company to financial stability. In AUG 2020 the company had announced that it was suspending payments to its financial creditors to preserve liquidity while it sought to refinance the company, citing the material impact on its financial positions and results from operations due to the pandemic. On 07MAY, Genting Hong Kong announced that it had obtained written agreements for terms sheets with its relevant financial creditors, partners, and other stakeholders to achieve a solution that would permit a restatement of the company’s financial debt while also permitting it to undertake recapitalizing transactions. These agreements are part of a broader financial plan that the company began to implement in April to improve its liquidity. To continue the operations at the MV Werften shipyards in Germany, Genting will enter into a new $364 million funding agreement as part of the German Economic Stabilization Fund that provides for the completion of Crystal Endeavor, an expedition cruise ship, as well as the two large Global Dream cruise ships.
You will be redirected in 2 seconds.
CLICK HERE FOR FULL STORY
