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.
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