Liquidators sorting out the assets of former cruise ship operator Genting Hong Kong have confirmed that the company’s stake in Manila’s Newport World Resorts, formerly Resorts World Manila, will be sold.
According to Inside Asian Gaming, the presumed buyer is Alliance Global Group, Genting Hong Kong’s longtime joint venture partner in the resort’s operating entity, Travellers International Hotel Group. IAG said discussions on the matter are already “well advanced.”
In a recent filing, Genting HK noted that its core remaining assets outside of the cruise ship business are its equity interest in Resorts World Manila and its interests in residential and hotel properties in China.
“These assets are unencumbered and the joint provisional liquidators are in the process of considering offers from potential purchasers,” it said.
Genting HK has already seen some of its cruise ships seized and sold by third parties.
With debts totaling around US$2.8 billion, Genting HK first announced the appointment of liquidators in January. At the time, it defaulted on loans because it could not draw down a US$88 million backstop facility from the German state of Mecklenburg Vorpommern to continue operating its shipyard there, MV Werften Holdings Ltd.
