Genting Hong Asking Court to Spare the Dream
The company feels that Dream cruises can be restructured rather than liquidated.
Genting Hong, who recently filed a request with the Court of Bermuda to wind up the company, has not filed an appeal with the Court asking that Dream Cruises, one of three cruise lines under the company umbrella, be spared liquidation.
In the filing, Genting wrote, the company is of the view that a consensual restructuring will present higher recoveries to all creditors and stakeholders compared to a value-destructive liquidation of the Dream Sub-Group, which is the likely alternative outcome. The Dream Sub-Group remains valuable, and there are transactions which can be pursued which are likely to realize better value for the Dream Sub-Group's creditors than a formal and terminal liquidation scenario."
The filing further stated: "The joint provisional liquidators are in discussions with both the company's and Dream Cruises' management teams in order to assess urgently the financial condition of the company and the Dream Sub-Group, and to identify potential remediation plans."
There was no mention of Star Cruises or Crystal Cruises; Genting previously controlled the other two companies.