Genting HK considers offers for firm’s stake in Newport World Resorts

Maria Debrincat 1 year ago
Genting HK considers offers for firm’s stake in Newport World Resorts

Genting Hong Kong said joint provisional liquidators for the company are assessing potential offers for its stake in Travellers International Hotel Group, which operates Newport World Resorts in Manila’s Entertainment City. 

Newport, was formerly known as Resorts World Manila before rebranding last month.

Details of the potential stake sale were made public in an announcement that Genting Hong Kong submitted to the Hong Kong Stock Exchange on Wednesday. Further information on the subject was not included in the document.

In January, the casino and cruise ship company Genting Hong Kong declared bankruptcy. The event was brought about by the bankruptcy of a German shipbuilding firm it controlled, which then brought about cross-default events involving finance agreements with the group, totaling little over US$2.77 billion in aggregate principle.

Travellers International Hotel Group Inc is a joint venture between Manila-listed Alliance Global Group Inc. and Genting Hong Kong.

Since January 18, Genting Hong Kong’s stock has been taken off the Hong Kong Stock Exchange. Following a request to a Bermuda court, the firm’s joint provisional liquidators were chosen on January 20.

With the exception of “Genting Dream” and “Crystal Mozart,” all of Genting HK’s ships, had been mortgaged to banking groups KFW IPEX-Bank GmbH, Crédit Agricole Asia Shipfinance Ltd, and DNB Bank ASA the company claimed.

According to the report, “Crystal Mozart” was sold privately for EUR 10.4 million (RM47.27 million). The owners of “Genting Dream” are the GDR bank syndicate, a banking group headed by Bank of Communication Financial Leasing Co Ltd.

The joint provisional liquidators noted that Genting HK has not received and is not anticipated to receive any recovery from any actual or projected sale proceeds with regard to the mortgaged vessels.

The first of the new generation of massive, privately owned casino resorts in the Philippine capital, Newport World Resorts, which is close to Manila International Airport and connected to it by a passenger bridge, opened as Resorts World Manila in 2009.

Marriott Manila Hotel, Sheraton Manila Hotel, Hilton Manila, Hotel Okura Manila, and Holiday Inn Express Manila are the five international hotel brands now present at the location.

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