Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia-based cruise lines: Dream Cruises and Star Cruises. Crystal Parent Genting Hong Kong Halts Payments to Creditors. Genting Hong Kong owns the Star, Dream and Crystal Cruises brands, operates shipyards and has a stake in Resorts World Manila. Genting Hong Kong now is trying to renegotiate its debt — around $3.4 billion — with its creditors. In 2000, Genting's Star Cruises purchased Norwegian Cruise Line, but later sold half of the company to Apollo Management in 2007. Paul M. Garcia. Genting Hong Kong is the parent of Crystal Cruises, Dream Cruises, and Star Cruises, along with the German shipyards MV Werften and Lloyd Werft. Crystal issued a statement late Thursday to calm fears about its viability as parent Genting Hong Kong pursues a restructuring. Ocean World Limited does not warrant the accuracy or completeness of the Genting Hong Kong Limited (“Genting Hong Kong”) is a leading global leisure, entertainment and hospitality enterprise, with core competences in both land and sea-based businesses including Genting Cruise Lines comprising of Star Cruises, Dream Cruises, and Crystal Cruises, along with German shipyards MV Werften and Lloyd Werft, prominent nightlife brand Zouk, and Resorts World Manila … For us, no itinerary is too short, or journey too long, for a voyage of a lifetime. Yesterday's filing … Crystal Cruises ; Genting Hong Kong outlines cost reduction, capital raising measures on dire 1H20 net loss predictions ... but it is unclear to me if this is good news/bad news/neutral news in regard to the future of Genting Hong Kong and Crystal. GHK-Genting Hong Kong announced that the plan to sell and lease back the Crystal Endeavor expedition ship for a total price of EUR 350 million had been terminated: reference was made to the announcement of the Company dated December 23, 2019.. As of July 31, 2020, the company owed US$3.37 billion in total. The company said its available cash will be reserved to maintain critical services for the group’s operations, while it seeks a debt restructuring. Genting Hong Kong, the parent company of Crystal Cruises, Dream Cruises, and Star Cruises has secured a EUR 193 million, or $227 million payment from … Mona Lai. The latter, called Crystal Endeavor, has been delayed for about a year due to a shutdown at MV Werften. The materials may contain inaccuracies and typographical errors. It is important to understand that the company is not going out of business. In 1993, Genting established Star Cruises. Show full articles without "Continue Reading" button for {0} hours. Norwegian Cruise Lines earlier this year warned it might go bankrupt, although that was before it managed to raise $1.8 billion in convertible bonds and … Crystal Cruises . Crystal … Genting Hong Kong is the parent of Crystal Cruises, Dream Cruises, and Star Cruises, along with the German shipyards MV Werften and Lloyd Werft. The management team promised “a streamlined transition and virtually no interruption in operations” […] In view of the substantial delay in building and delivery of the Crystal Cruises' vessel due to the impact of the Coronavirus (COVID-19) as well as … “The COVID-19 pandemic has had and will continue to have a material impact on the financial position and results of operation of the group,” Genting said in a statement. We’re pleased to take our guests to the. Copyright ©2020 Ocean World Limited. Crystal® Statement Crystal’s parent company, Genting Hong Kong, is engaged in a financial restructuring and fundraising exercise to address liquidity issues that resulted from its ships not operating because of COVID-19. materials or the reliability of any advice, opinion, statement or other information displayed or distributed through the sites. HONG KONG – Genting Hong Kong today announced the appointment of travel industry veteran Tom Wolber as the President & CEO of Crystal Cruises effective September 15 th. Another newbuild, Global Dream, also was delayed for a year until 2022. On August 19, 2020, Genting Hong Kong, the parent company of Crystal Cruises, Dream Cruises and Star Cruises, announced that they are having financial troubles and have stopped making payments to creditors as they contend with the loss of revenue due to the coronavirus crisis. Director, Public Relations. “After 25 successful years with NYK, we are excited to have Genting Hong Kong as the new owner of Crystal Cruises,” said Edie Rodriguez, President and COO of Crystal Cruises. In addition to Crystal, the company owns two Asia-based cruise lines, Dream Cruises and Star Cruises, as well as a shipyard complex in Germany. Genting said the group has undertaken cost reduction measures and is planning to raise funds to boost liquidity. Genting Hong Kong closed on its $550 million purchase of Crystal Cruises and promptly named Tan Sri Lim Kok Thay chairman, Edie Rodriguez president and CEO, and Thomas Mazloum chief operating officer. In my untrained eye, this looks purely as a liquidation move by Genting Hong Kong. Crystal’s fleet currently features Crystal Symphony and Crystal Serenity. Genting Hong Kong Limited (“Genting Hong Kong”) is a leading global leisure, entertainment and hospitality enterprise, with core competences in both land and sea-based businesses including Genting Cruise Lines comprising of Star Cruises, Dream Cruises, and Crystal Cruises, along with German shipyards MV Werften and Lloyd Werft, prominent nightlife brand Zouk, and Resorts World Manila … You acknowledge that any reliance on any such opinion, advice, statement, memorandum, or information shall be at your sole risk. Last Updated: 09/08/2020 01:13PM ET. Genting Cruise Lines is a division of Genting Hong Kong comprising of three distinct cruise brands – Star Cruises, Dream Cruises and Crystal Cruises – providing a range of products from contemporary cruises to ultra-luxurious vacation experiences spanning the sea to air. (Photo courtesy of Crystal Cruises) Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia -based cruise lines: Dream Cruises and Star Cruises. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. With a rich history of trailblazing within the cruise landscape, Genting Cruise Lines’ brands have played an integral role in the evolution of the cruise industry in Asia and around the world. Here, the 980-passenger Crystal Serenity. Genting Hong Kong has unveiled plans to expand its cruise portfolio with the acquisition of luxury operator Crystal Cruises. GHK-Genting Hong Kong Ltd (Hong Kong China-based holding company that operates cruise, shipbuilding and resort businesses) had received indicative letters from private investors interested in one of its cruise brands (Crystal Cruises? Like us on Facebook to see similar stories, Kentucky residents 'luck' into getting COVID vaccine Walgreens didn't want to expire, Algeria president returns from Covid treatment in Germany. Genting Hong Kong Ltd., the parent of Crystal Cruises and other lines, warned that it is suspending payments to creditors to conserve cash to maintain operations. Genting also reiterated plans for a new ship by 2018. LOS ANGELES, SEPTEMBER 17, 2015 – Crystal Cruises’ parent company Genting Hong Kong, a leading global cruise and resort company, has entered into an agreement to acquire Lloyd Werft, a shipyard in Bremerhaven, Germany, in a deal that will see the company invest 17.5 million (EURO) for 70% of the new shipbuilding business and a 50% ownership of the shipyard’s land. revolutionise the modern cruising experience. To view this video please enable JavaScript, and consider upgrading to a web browser that It was originally set for delivery in summer 2020. PHOTO: The Crystal Symphony, pictured in Australia, and Crystal Serenity could be getting a new fleetmate by 2018. When Genting Hong Kong acquired Crystal in 2015, it operated two ocean ships; today, Crystal is a multi-brand company with a river line, a yacht, and an expedition ship under construction. After news broke last week that Genting Hong Kong, a resort and cruise conglomerate that owns a number of companies, was having financial troubles, Crystal Cruises… The statement also said two subsidiaries – Dream Global One Ltd. and Dream Global Two Ltd. – missed a payment of €3.7 million in bank fees in connection with the financing of the construction of certain ships. Genting Hong Kong, operator of the Star Cruises, Dream Cruises and Crystal Cruises lines, has been no exception. Genting Hong Kong, a holding company that operates three cruise brands – Star Cruises, Dream Cruises and Crystal Cruises – has missed a debt payment prompting fears that it could be the next cruise company to file for bankruptcy.. General Counsel and SVP, Corporate Communications [email protected] [email protected] (310) 203 … The same year, Genting finalized the acquisition of Crystal Cruises to extend Genting Hong Kong’s reach in the global up-scale market. Genting Hong Kong—parent of Dream Cruises and Crystal Cruises—will temporarily stop paying creditors to preserve liquidity as it seeks new financing. supports HTML5 video. TAGS: Crystal Cruises Genting Hong Kong financial coronavirus Star Cruises Dream Cruises. Expedition ship Crystal Endeavor, left, had been due this summer while the 208,000gt Global Dream was planned for 2021 Genting Hong Kong warned on an expected operating loss of at least US$300m and a net loss of at least US$600m for the first six months and said the deliveries of Crystal Endeavor and Global Dream will be delayed by 'about a year.' All rights reserved. Genting cited COVID-19’s impact on its operations — which include Dream Cruises, Star Cruises and Crystal Cruises — for the cash crunch, in a statement to the Hong Kong stock exchange Wednesday night. Crystal Cruises “Not Going Out of Business” Despite Genting Troubles Theresa Norton 8/21/2020 New York CIty courthouses present an 'unacceptably high … Crystal Cruises and Genting Hong Kong are certainly not the only cruise companies that are struggling. In 2015, to further expand its cruise portfolio in the region, Genting Hong Kong launched Dream Cruises to cater to the fastest growing Asian market. Genting Cruise Lines is a division of Genting Hong Kong comprising of three distinct cruise brands – Star Cruises, Dream Cruises and Crystal Cruises – providing a range of products from contemporary cruises to ultra-luxurious vacation experiences spanning the sea to air. Star Cruises built the Asia-Pacific region as an international cruise destination; Dream Cruises introduced inspirational journeys to Asia; and, Crystal Cruises has embarked on the most significant brand expansion in the history of luxury travel and hospitality, having introduced two new modes of cruising along with private air travel. Genting Hong Kong Celebrates Silver Anniversary in 2018 17/10/2018 GENTING HONG KONG CELEBRATES 25 YEARS OF EXCELLENCE WITH TEN NEW PRESTIGIOUS INTERNATIONAL ACCOLADES FOR CRYSTAL, DREAM CRUISES & STAR CRUISES! It’s also a joint venture partner in Philippines-based Resorts World Manila. “Being able to bring Crystal Cruises into the Genting Hong Kong family in 2015 was a rare opportunity to acquire an industry-leading, ultra-luxury cruise brand with well-maintained vessels, a loyal customer base, an experienced management team and a majority market share in the luxury cruise segment,” said Kent Zhu, president of Genting Cruise Lines. It also owns the Werften shipyard in Germany, where the first expedition ship for Crystal Cruises currently is under construction. ), the company revealed in a filing to the Hong Kong Stock Exchange dated August 28.GHK (controlled by Chinese-Malaysian billionaire businessman … “Such events of default would give rise to a right for requisite creditors of the group to declare that the financial indebtedness owed to them are immediately due and payable.”. “In addition to the events of default that have already occurred … the board anticipates that the temporary suspension of all payments to the group’s financial creditors will also likely result in events of default occurring under other finance documents of the group,” the statement said. Genting Hong Kong is the parent company of Crystal Cruises, which operates some of the world’s best-known luxury ships. In addition, it’s a joint venture partner in Resorts World Manila in the Philippines. Genting Hong Kong, parent company to Crystal Cruises and two of Asia's largest cruise lines, suspended payments to creditors on almost $3.4 billion, citing the impact of … TravelPulse asked Crystal for comment, but the luxury line did not immediately respond. Genting Hong Kong. Its company, Dream Cruises, resumed sailing with one ship July 26 in Taiwan. Crystal has cancelled all ocean and river voyages through December 2020; it suspended its yacht voyages on the Crystal Esprit through Jan. 9, 2021. Genting Hong Kong was originally a subsidiary of Genting Group with a 17.8% stake owned by Genting Berhad. Genting Hong Kong has suspended all payments to creditors, sparking a 33% drop in the company’s share price. Genting Hong Kong, which operates the Dream Cruises and Crystal Cruises brands, has asked its creditors to negotiate a debt restructuring as it seeks to prevent bankruptcy amid the worldwide cruise industry shutdown.. Genting Hong Kong, parent company to Crystal and two of Asia's largest cruise lines, suspended payments to creditors on almost $3.4 billion, citing the impact of the Covid-19 pandemic. Mr. Wolber brings over three decades of experience in general management, operations, new-build construction and business development to Crystal during the company’s most significant expansion since its founding in 1988. Owned by Malaysian tycoon, Lim Kok Thay, Genting, which also has interests in resorts and shipyards, missed debt repayments of some $4.3 million. The only cruise companies that are struggling been no exception comment, but luxury. Crystal Cruises—will temporarily stop paying creditors to preserve liquidity as it seeks financing. — around $ 3.4 billion — with its creditors you acknowledge that any reliance on any such,!, the company ’ s share price is the parent company of Crystal Cruises as well as Asia-based. 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