$2.6bn recapitalisation for Genting Hong Kong
Cruise line, shipyard, and leisure business owner, Genting, has announced that it has reached terms for a $2.6bn recapitalisation that will keep its shipyards operating and put the company back on an even financial keel.
Genting Hong Kong says it has reached terms for a major recapitalisation. The company announced in August 2020 that it was suspending all payments to its creditors, citing the material impact of the pandemic on its finances.
However on May 7, the company’s board of directors announced that it had obtained written agreements for terms sheets with its relevant financial creditors, partners, and other stakeholders.
The company said that it was entering into intensive negotiations with its stakeholders to achieve a holistic solution that would permit a restatement of the company’s financial debt while also permitting it to undertake recapitalizing transactions.
