Dream Cruises, beleaguered cruise giant Genting Hong Kong’s Asian cruise brand, will suspend operations from Wednesday 2 March.
The company said that given the absence of sustainable operational income under “current challenging circumstances”, mounting creditor pressure posed an immediate threat to the continued operation of its 150,700-gt World Dream (built 2017).
“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,” Genting said in a statement posted on the Dream Cruises website.
The World Dream, which operates short cruises out of Singapore, has been the last of the 17 ships in the Genting fleet to remain in service after the company filed for liquidation in a Bermuda court on 19 January.
Genting said the joint provisional liquidators appointed on 20 January managed to obtain emergency funding that allowed the World Dream to complete 16 scheduled cruises after the liquidation filing.
However, the company stopped accepting new bookings for these cruises, while the operations of its two other cruise ships based in Hong Kong and Taiwan were suspended due to Covid-19 restrictions.
Genting said that despite continued efforts to source and introduce external funding, its liquidity continued to deteriorate given the absence of sustainable operational income.
In previous statements Genting reiterated that the appointment of joint provisional liquidators was made in order to identify potential remediation plans and to facilitate the restructuring of the company.
“Negotiation with creditors in relation to their claims against the group remain active,” Genting said on Monday.
