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Crystal Cruises’ parent halts trading in its shares

Trading in the shares of Genting Hong Kong on the stock exchange of Hong Kong have been suspended.

Genting Hong Kong is a global leisure, entertainment and hospitality business, which includes Genting Cruise Lines – Star Cruises, Dream Cruises and Crystal Cruises – plus two German shipyards, MV Werften and Lloyd Werft, and Resorts World Manila in the Philippines.

Genting Hong Kong issued a statement on Friday (January 7) which said: “At the request of Genting Hong Kong Limited (the ‘Company’), trading in the shares of the Company on The Stock Exchange of Hong Kong Limited will be halted with effect from 9:00 a.m. on Friday, 7 January 2022 pending the release of an announcement in relation to an inside information of the Company.”

A previous statement issued on January 2 said the Delta and Omicron variants of Covid “have impacted on the recovery of the group’s cruise operations”.

The lengthy January 2 statement details legal proceedings involving a US$88 million ‘backstop’ loan facility from the German state of Mecklenburg-Vorpommern.

In July 2020, Genting Hong Kong revealed debts of $3.37 billion in an update to the Hong Kong Stock Exchange.

Then in the following month, Crystal Cruises issued a clarification statement after Genting Hong Kong had revealed doubts over financial restructuring plans.

More: Crystal Cruises clarifies situation over parent company finances

Crystal Cruises owner reveals debts of $3.37bn

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