Genting Hong Kong shares plunge after default warning, German proceedings

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The Genting Cruise Lines vessel is moored at Marina Bay Sands Cruise Center in Singapore on Thursday, November 16, 2017.

Ore Huiying | Bloomberg | Getty Images

Share of embarrassed cruise operators Genting Hong Kong It plummeted by more than 50% after the company announced that it might not be able to pay its debts and other obligations.

Trading resumed on Thursday following a four-day suspension.

Genting said in a filing with the Hong Kong Stock Exchange: “There is no guarantee that we will be able to meet our financial obligations … when the deadline is reached.”

“If we are unable to meet our obligations to repay our debt, or if we are unable to agree with the relevant creditors on the renewal or extension of debt or related alternative arrangements, it could have a significant adverse effect on our business. , Outlook, financial condition, operating results. “

This development took place when MV Werften, a German shipbuilding subsidiary, filed for bankruptcy. Genting ignited a warning Thursday that a potential cross-default could occur in a $ 2.8 billion worth of funding arrangements as a result of bankruptcy.

German legal issues

Genting Hong Kong shares plunge after default warning, German proceedings

Source link Genting Hong Kong shares plunge after default warning, German proceedings

The post Genting Hong Kong shares plunge after default warning, German proceedings appeared first on Eminetra.

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