Hong Kong-listed shares of cruise operator Genting plunged more than 50% after it announced that it may not be able to pay its debts and other obligations.
As it resumed trading following a four-day halt, Genting said in a filing to the Hong Kong exchange there's "no guarantee that the Group will be able to meet its financial obligations … as and when they fall due."
A Genting Cruise Lines ship sits berthed at the Marina Bay Sands Cruise Center in Singapore, on Thursday, Nov. 16, 2017.plunged more than 50% after the company announced that it may not be able to pay its debts and other obligations.Genting said in a filing to the Hong Kong stock exchange that The development came as its German shipbuilding subsidiary MV Werften filed for insolvency. It sparked a warning from Genting on Thursday that there could be potential cross-defaults on financing arrangements worth $2.8 billion — as a result of the insolvency.Genting Hong Kong, a subsidiary of the Genting Group, is in the middle of a court battle with a regional government in Germany.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Monetary Authority aims to oversee stablecoin reservesStablecoins in Hong Kong could be facing more regulations. The Hong Kong Monetary Authority shares a paper declaring it wants to supervise issuance and reserves management.
Read more »
Hong Kong to Set a Plan for Cryptocurrency Regulations by July 2022: ReportThe HKMA plans to outline a regulatory framework for local businesses and traders by July 2022 as it would pay special attention to stablecoins.
Read more »
Hong Kong to pass law outlawing more 'national security' crimesHong Kong will outlaw a host of new national security crimes, the city's leader said during the first session of a new legislature scrubbed of political opposition
Read more »
CDC Director Says Covid Cases on Cruise Ships Surged 30-Fold in Last Two WeeksThe CDC last month warned against all cruise ship travel.
Read more »