Genting Hong Kong confirms insolvency filing in Germany based on Euler Hermes block

(Bharat Express News, Punjab, 11 January 2022) MV Werften, the German cruise ship builder controlled by Malaysian billionaire Lim Kok Thay’s Genting Hong Kong, has filed for bankruptcy after failing to strike a deal with the German government to support additional funding for a mega cruise ship that the company built for Genting Hong Kong. As the travel industry grapples with the lingering impact of the Covid-19 pandemic, Genting Hong Kong requested additional funding to complete construction of the 342-meter-long cruise ship, dubbed the Global Dream, which could accommodate up to 9,500 passengers. While agreements were reached with creditors in June 2021, Euler Hermes, the German government’s export credit insurance agency, refused to confirm insurance coverage for the finance facility, preventing creditors to disburse the loan in December, the operator of Star Cruises said in a regulatory statement. deposit Monday. “The company understands that Euler Hermes’ rejection is based on a review of the group’s five-year outlook prepared at the request of Euler Hermes, which took into account various stress scenarios affecting the group, in particular a persistent and sustained reduction in activities as a result of Covid-19, ”said Genting Hong Kong.