The bankrupt cruise giant Genting Hong Kong is set to be delisted from the Stock Exchange of Hong Kong (HKEX) at 9am tomorrow.
Industry magazine Inside Asian Gaming (IAG) reported last Friday that the company’s trading shares had been suspended since January 18, 2022, and HKEX rules provide that the shares can be delisted after 18 months, or by July 17, 2023, if trading is not resumed in that time.
However, HKEX said in a filing that Genting Hong Kong’s liquidators have confirmed the company had “ceased its business operations and was not expected to be able to develop any plan to address its insolvency and resume business operations to re-comply with Rule 13.24”.
“The company’s liquidators did not have any plan to meet all other resumption guidance and requested the Exchange to exercise its discretion to delist the company immediately,” said the report.
“Having considered the request and the company’s circumstances, on April 28, 2023, the Listing Committee considered that the company was no longer suitable for listing and should be delisted immediately.”
The article also said that Genting Hong Kong confirmed separately that it will not apply for a review of the delisting decision.
IAG said the delisting comes after Genting Hong Kong filed a petition with the Supreme Court of Bermuda in January last year for the winding up of the company, having defaulted on US$2.8 billion in debt and failed to secure funding needed to meet its financial obligations.
The company said at the time that although it had filed winding up orders, it hoped restructuring would allow the company to continue as a going concern.
Instead, liquidators have spent the past year selling off key assets, including cruise ships previously operated under its Asia-facing Dream Cruises and US-facing Crystal Cruises brands, and its German shipbuilding yards.
Genting Hong Kong’s controlling shareholder, Genting Group patriarch Tan Sri Lim Kok Thay, has since registered and launched a new cruise ship brand in Singapore called Resorts World Cruises — leaving his former cruise brand to be dissolved.
Genting Hong Kong was originally a subsidiary of Genting Group.