The future of the insolvent MV Werften remains unclear. Now the parent company Genting seems to be capitulating. Negotiations with creditors were unsuccessful.
The owner of the insolvent MV shipyards in Wismar, Genting Hong Kong, has applied for liquidation.
As the company announced on the Hong Kong stock exchange, it also submitted proposals to the competent court in Bermuda for the appointment of preliminary insolvency administrators to work on a restructuring and to conduct negotiations with creditors. A hearing is scheduled to take place on January 20th.
The decision was taken after making every effort to negotiate with creditors and shareholders. Trading in the group’s shares has been suspended on the Hong Kong Stock Exchange since Tuesday after the group said it was considering filing for preliminary liquidation.
Consequences initially unclear
The Asian tourism group, which offers cruises and gambling, among other things, has gotten into trouble as a result of the ongoing corona pandemic. This also affects its subsidiary MV Werften in Mecklenburg-Western Pomerania, where Genting had cruise ships built for its own needs.
It was initially unclear what consequences the application for liquidation by Genting could have for MV Werften and the hoped-for completion of the world’s largest cruise ship “Global Dream”.
The state of Mecklenburg-Western Pomerania has been refusing for a month to pay out an aid loan of 78 million euros to Genting that was agreed in the summer. At the beginning of the week, the district court in Schwerin rejected an urgent application from Genting against the state. The group was unable to explain an existential emergency in a comprehensible manner, so the reasoning.
Insolvency was filed for the MV shipyards with around 2,000 employees last Monday. A few days later, on Friday, the preliminary insolvency administrator of MV Werften, Christoph Morgen, spoke to top representatives from Genting, according to his spokesman. The administrator then reported that the atmosphere was good and constructive. Financing solutions will be sought and further talks are planned.
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
