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Genting Had Hoped to Finish Global Dream and then Bankrupt Ship Builder

Bloomberg News reports an approved plan was in place but the end came sooner than expected.

Sitting idle and unfinished due to the collapse of parent company Genting Hong Kong, Dream Cruise's Mega-Build Global Dream appears to be the most attractive item on the scavengers shopping list.

Bloomberg News reports that the mega-ship designed to carry 9,500 passengers is about 72% finished and, according to Henning Groskreutz, a union leader from the local IG Metall chapter, the shipyard will still need between 500 million euros and 600 million euros to finish it.

According to Christoph Morgen, the German court-appointed provisional insolvency administrator for shipbuilder M/V Werften the vessel's sale, which began with three potential buyers, has now attracted a "significant number" of interested parties, including investors who are keen on it as part of a more significant purchase that includes operator Dream Cruises.

Bloomberg's investigation also revealed that Genting Hong King, the owner of the shipyard, had planned to shutter the yard after completing the Global Dream. The business news site said Genting had a written plan by mid-2021 to wind up MV Werften and place it in a "solvent liquidation," including an agreement with the union for the process, said Morgen. The fully financed plan detailed how MV Werften would pay all its creditors in the liquidation process, and an independent auditor had even analyzed the plan.

Due to the shutdown of the cruise industry, the plan was never put into place, and Global Dream sits unfinished.

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