Genting’s Asia-based cruise brand, Dream Cruises will suspend operations from 2nd March 2022 as funds dry up. Operations of World Dream which is based in Singapore will cease operations upon the completion of its current sailing on 2nd March 2022 read a statement issued by the brand. Dream Cruises was Genting Hong Kong’s only brand to carry out operations after the group entered provisional liquidation in the month of January, which was followed by the subsidiary in February.
Dream Cruises said in a statement, “However, despite the continued efforts to source and introduce external funding, the group’s liquidity continues to deteriorate given the absence of sustainable operational income under current challenging circumstance and in the face of mounting creditor pressure which poses an immediate threat to the operation of the vessel.”
The brand statement further read, “In these circumstances, it has become impossible for the company to make further financial commitments necessary to enable the World Dream to continue to operate.”
Dream Cruises mentioned how it was uncertain if the brand could meet with the potential refund claims made by customers who have booked tickets for sailings post 2nd March 2022 and the company is currently examining the impact of the suspension of its operations.
News reports also state that liquidators working on Genting’s financial crisis are looking at splitting the assets of the brand and selling them off to different buyers. A German lawyer named Christoph Morgen appointed as the provisional insolvency administrator said, “There are several serious interested parties.”
Previously, Bloomberg reported how the former Chairman of Genting Hong Kong, Tan Sri Lim Kok Thay, was the first person to express his interest in buying the entire cruise ship. There were speculations that Thay was looking at a lower figure for the cruise ship’s purchase and wanted to move it outside Germany.
With a Masters’s Degree in Journalism and Communication, Mrinal Gujare currently is cruising through an exciting genre of writing and editing at Gutshot Magazine. Apart from being an Editor, Mrinal is an avid reader and a former contemporary dancer. She is also perennially hungry for intriguing scoops from across the globe. No holds barred is the rule Mrinal follows in life.
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