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Asia Casino News │ ACN东方博彩新闻

Asia Casino News outlet for Online Gaming and Gambling Industry in Asia.

German Court Denies Genting Hong Kong’s Bid for 88 Million US Dollar Funding

January 18, 2022 Crime & LegalIndustry Updates

A German court has ruled against Genting Hong Kong as the cruise ship operator looks to access US$88 million in funding from the State of Mecklenburg Vorpommern.

Industry media outlet Seatrade Cruise News reported that the court believes Mecklenburg Vorpommern has no obligation to provide the loan under a previous agreement aimed at propping up Genting Hong Kong’s German shipbuilding entity, MV Werften Holdings Ltd (MVWH).

MV Werften filed for insolvency last week with Genting Hong Kong warning that doing so was also likely to trigger events of default events under various financing arrangements it had reached with creditors last year in relation to debts totaling almost US$2.8 billion.

The company is yet to release a statement on the court’s latest finding or whether it plans to appeal.

https://www.asgam.com/index.php/2022/01/18/german-court-denies-genting-hong-kongs-bid-for-us88-million-in-funding/

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