Shares of cruise operator Genting Hong Kong plunged 56% after the Group disclosed that it might not be able to pay its debts, according to a report by CNBC on Thursday.
- Trading of the shares resumed on Thursday after a four-day temporary halt.
- In a filing to the Hong Kong stock exchange, Genting stated that there is no guarantee that the company will be able to meet its financial obligations.
- The filing further revealed that if the Group is unable to pay its debts, there will be an adverse material impact on the business, prospects, financial condition, and operating results.
- The development emerges as its German shipbuilding subsidiary MV Werften filed for insolvency.
Genting Hong Kong is embroiled in a court battle with a regional government in Germany. The legal proceedings involve the drawdown of a $88M backstop facility related to MV Werften. Genting Hong Kong down -56.16%