Cruise giant's shipbuilding business insolvent

Genting Hong Kong has filed for insolvency for its German subsidiary MVWH after insurers refused coverage of a loan on the basis of a five-year outlook for the Genting Group.

Genting halted trading in its shares on the Hong Kong stock exchange on Friday pending the announcement about MVWH. 

At the start of 2022, Genting revealed it had been refused a previously agreed $88 million loan. A court hearing yesterday ended with banks stipulating Genting provide €60 million from its own funds and agreeing a €600 million guarantee to access the loan, which it was unable to do.

In a statement, Genting said: “As a result, the Group has been refused access to the liquidity pools to which it is contractually entitled.”